Grubb Properties is considering a residential project at FiDi
Grubb Properties continues its march to New York, planning additional residential development in the city on a controversial site.
The North Carolina-based developer bought 111 Washington Street in Manhattan’s financial district from Pink Stone Capital for nearly $ 89.2 million, Crain’s reported.
The location – which is a few blocks from the World Trade Center – will be known as 8 Carlislie. The company said it was proposed to have 50 floors with 400 residential units and 22,000 square feet of retail space on the ground floor. Pink Stone will serve as a partner on the project.
The site has been the subject of multiple legal battles, including a long battle between father and son. In 2017, Pink Stone founder Richard Ohebshalom filed a lawsuit against his father to prevent the development site from being sold.
Richard alleged that Empire Management founder Fred was selling 111 Washington Street as part of their ongoing feud. In the lawsuit, Richard dismissed the site’s proposed selling price of $ 148 million as “woefully underweight.” The case has since been dismissed.
In addition to FiDi’s location, the developer recently acquired property in Long Island City for a project that the company said would have 17 floors, producing 317 units over 230,000 square feet of space. The development would also include 9,000 square feet of retail space. Of the units planned, 30 percent would be affordable, while 70 percent would be quoted at the market rate.
Intentions for the Long Island City site began to emerge last month when Grubb filed plans for a mixed-use building at 41-34 27th Street. The company signed a contract on the property in March, as well as for an adjacent lot.
The company announced in June that it had closed a $ 75 million funding round as part of its goal to raise $ 400 million for affordable multi-family real estate entities labeled “essential housing.”