KLM Equities Acquires 50 Spring for $13.7M, New Commercial Buiding Planned

Posted on: October 23rd, 2015 at 5:07 am by
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It’s been a little while since a pre-war tenement was torn asunder in Little Italy. Old habits die hard for developers, though. Next in line to fall is the four-story building at 50 Spring Street, which changed hands two months ago for an ungodly $13.7 million. Kinda high, no?

KLM Equities is the buyer of record, a real estate development and management firm that owns several downtown properties in the vicinity. The transaction transpired in mid-August, and no sooner did the money change hands than plans submitted for full demolition. This tenement gets in the way of a bigger vision for 50 Spring. Additional paperwork on file with the Department of Buildings (dated last week) reveals KLM’s intentions of erecting a two-story building (36 feet) that boasts soley 4,826 square-feet of commercial space.

Steven F. Levine Architecture DPC is the architect of record for the project.

No DOB permits are currently affixed to the plywood shed in front. Nor signage warning of the alleged asbestos abatement.

Might take a minute for those plans to happen, though. There is still an active full stop-work order from last year attached to 50 Spring Street.

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