Owner of 242 Elizabeth Drops $5.9M on Six-Story Addition; Work Begins this Fall
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It goes like this. Owner buys one-story property in Nolita; owner sits on property for seven years; owner finally realizes the value of his property.
Brief story, but the truth of the matter over at 242 Elizabeth Street. Architect Ron Ervolino, artist and el jefe of the Ervolino Group, bought the one-story building in 2007 for $2.8 million. For nearly a decade, the owner watched the constant upscaling in his midst and just waited for the perfect time to strike. A string of upscale fashion brands occupied the ground floor retail (presently City Gym), all while those valuable air rights collected dust. Until now.
But now the time has come to cash out, albeit through development. According to a dispatch in Crain’s, Ervolino is dropping an easy $5.9 million on constructing a shiny new seven-story property. The plans have been in the works for nearly a year, though. Public records indicate that the DOB granted a zoning variance in October 2013 to permit residential on the parcel. The additional six levels are dedicated to full-floor luxury living (including penthouse); there is also a 1,800 square-foot retail store on the ground.
Construction begins in the fall.
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