Big Flip for the Jay Street Arts Building

Talk about a massive flip! This January, the sale of the Jay Street Arts at 201 Water Street building hit public records for $25 million. The buyers had some trouble — with both the DOB and the LPC — getting approvals for a residential conversion and a rooftop addition. So, guess they decided to sell! The same building just hit public records again for $45.5 million. The new buyer is the Silverstone Property Group. They have not filed any building permits since the DOB denied the previous developer’s plans, a design by Karl Fischer that would have added three extra stories. Wonder what’s in store for the building now? UPDATE: We missed this Real Deal article from earlier in May, which reports that Silverstone will bring high-end condos to this building. They are still planning an expansion, which will accomodate 85 to 90 units. Construction should begin in six to nine months and the project should wrap in 2015.
Dumbo Warehouse 39 Jay Street Sells for Big Bucks [Brownstoner]
The Jay Street Arts Building Is Going Residential [Brownstoner]