287 East Houston Sells for $15.2M; New Condo Project Coming Soon
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Back in November, we heard some chatter that the three parcels comprising 287-291 East Houston sold for approximately $15 million. Now we finally have public confirmation of the sale. City records reveal that the land actually netted $15.2 million; that’s just slightly higher than the initial asking price from last year.
Hogg Holdings (ie Andres Hogg) – backed by hedge funders Vinci Partners – is the rightful owner of the properties now (under the “287 LES JV” corporate shell). The firm is currently in a “pre-development” stage for a new residential tower onsite. According to the Hogg’s project portfolio, this is a condo project that will occupy a total of 30,000 square-feet. Height and composition of the development are not yet known, and no plans are yet on file with the Department of Buildings. However, we have spotted demolition teams there on at least one occasion.
One thing is for sure, though. Whatever rises here will become part of the ever-rising East Houston skyline.