A Decade Later, 2 Developments on Grand Street Finally Nearing the Finish Line

Posted on: February 17th, 2016 at 5:12 am by
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At Grand and Orchard Streets, luxury speculation has gone from boom to bust, and again back to boom. The contiguous row of pastel-colored shops didn’t last into the new decade thanks to a visit from the wrecking ball.

Already eight excruciating years in the making, the mixed-use residential project at 324-326 Grand Street is finally nearing the finish line. The latest architectural addition to the seven-story building was the installation of new balcony ironwork over a year ago. Then, back in August, the scaffolding and sidewalk plywood was finally carted away, revealing the two commercial units. It’s starting to look like a real development. Took ’em long enough.

This latest luxury offering will contain 20 total dwelling units, equating to 13,692 square-feet of residential living space; the remaining 3,738 square-feet is reserved for commercial use. As previously reported, the original goal for this combined parcel was a 20-story hotel from the hand of Baruch Singer. The controversial landlord sold the property to “326 Grand Realty” a few years ago for $4.5 million, but this new owner is reportedly kin.

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February 2008, Bowery Boogie file photo

Meanwhile, the newer development on its eastern flank – 328 Grand – is at a similar stage in its life cycle. After eight years in development, the structure is but a furlong from accepting occupants. It topped out shortly after its neighbor. The exterior is also painted a darker hue.

This new structure – which also had early plans of hotel – is six stories (68 feet), and carries 6,711 square-feet of floor area. Much of that is relegated to residential use; seven units are planned, presumably indicating that each floor will carry one apartment.

CTM Properties is now seeking condo buyers and businesses to take leases here. Signage to that effect sits in the ground level windows.

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Photo: Curbed

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