Former Red Square Retail Demolished for New Development
Nearly six years ago, the Dermot Company purchased the former Red Square for $100 million from Michael Rosen. The residential complex was further upscaled in the interim, and whitewashed into submission.
The $100 million deal included space in the adjacent one-story retail.
What largely went unnoticed at the time, though, is that the Rosen family retained ownership over approximately 23,000 square-feet of the commercial stretch. And with it, a new development to sprout.
According to the recent Department of Buildings filing, still pending approval, the new development will ascend six stories, occupying 68,531 square-feet split between apartments, basement gym, and ground floor retail. ZH Architects – a firm specializing in passive houses – is listed as the architect of record for the new project.