Nonprofit Drug Rehab Sells UWS Building to Prime Rok, Greystone for $26.8M
Lauren Elkies Schram Feb. 22, 2016, 2 p.m.
Prime Rok Real Estate and Greystone Property Development have purchased an eight-story Upper West Side building from nonprofit drug and alcohol rehabilitation organization Phoenix House for $26.8 million.
The joint venture bought the 33,000-square-foot 164 West 74th Street between Amsterdam and Columbus Avenues last Friday, Shah Eatemadpour, Prime Rok Real Estate’s head of acquisitions, told Commercial Observer, and hopes to convert it into a 30,000-square-foot residential condominium designed by Barry Rice Architects.
“We really recognized the value in converting this building that was [being used by] this rehab facility,” Mr. Eatemadpour said.
The new owners have preliminary plans to lightly restore the Beaux-Arts-style building and gut renovate the interior, keeping the building at eight stories. They’re also hoping to shave off about 20 feet in the rear, to make way for proper light and air, Mr. Eatemadpour explained. The building will house between 14 and 18 units including a penthouse duplex with large terraces, and a few maisonettes.
Phoenix House purchased the lot in June 1972 for $600,000, according to property records. It has been using the building to house a number of drug and alcohol treatment programs for adults, teens and members of the military, its website indicates. Phoenix House put the property on the market because it is “downsizing,” said Daniel Rahmani of Capital Property Partners, the buyer’s broker.
“Vacant pre-war elevator buildings don’t come around too often in the Upper West Side,” Mr. Rahmani said via email. “I feel this will bring a tremendous boost to the already thriving Upper West Side neighborhood.”
Newmark Grubb Knight Frank’s Justin DiMare confirmed that he and colleague Stephen Gordon represented Phoenix House in the sale but declined to comment further. Phoenix House didn’t immediately respond to a request for comment.