Stillman Development Turns Noho Industrial Building Into Residential
Stillman Development International–a development firm renowned for its condo developments with “starchitects” such as I.M. Pei, Michael Graves and Philip Johnson–and Morris Adjmi Architects are planning the conversion of a 19th-century industrial building in Noho into luxury condos, The Commercial Observer has learned.
The family-run storage company Globe Storage & Moving sold the 61,000-square-foot property at 32-36 Bleecker Street for $45 million to a joint venture that includes Stillman, said Globe president Richard Cibrano. Last July, the city Landmark Preservation Commission approved Morris Adjmi Architects’ proposal to turn the property into a 19-apartment building. The plan includes the construction of two rooftop additions and the removal of modern alterations to the building.
Deutsche Bank (DB) provided an $84.6 million loan to finance the purchase and conversion. The bank and the buyer declined to comment on the deal.
The Romanesque revival-style factory was designed by architect Edward Raht and built in the 1880s for Schumacher & Ettlinger’s lithography business. For most of the 20th century, the building was used as a warehouse, mainly by paper-supply companies. Globe Storage and Moving moved in as a tenant in 1975 and bought the building in 1984.
Mr. Cibrano recalled that at the time, the area was not a very pleasant place to be. “Now it has become a sort of upscale residential area, one of the hottest areas in New York,” he said. Mr. Cibrano added that the conversion is due to bring the façade of the building back to its original appearance. “It will look like it looked 100 years ago.”
Iris Rossano, a broker with Besen & Associates, and Casey Cutler, CEO of Cutler Cos., represented the buyer in the transaction. Nancy Cibrano represented the seller.
“It’s a truly architectural gem, for which a conversion into a luxury condominium is unequivocally the highest and the best use,” said Ron Cohen, chief marketing officer at Besen & Associates. “Our firm has previously sold this developer two other sites which resulted in world-class condo projects. We are truly excited to see what he does with this latest project.” In Manhattan, Stillman Development built Philip Johnson’s Metropolitan Condominium and I.M. Pei’s The Centurion. It is expected to tap another renowned architect for 32-36 Bleecker Street.
According to data from Street Easy, the current median asking price per square foot for condos in Noho is $1,473, higher than the median asking price in all of Downtown, which is $1,311.