Long-Stalled Modular Construction on Grand Street Receives $12.35M Funding

Posted on: February 3rd, 2021 at 5:01 am by

A long-stalled modular development on the Lower East Side will finally move forward after a generous construction loan. Which means, no more worksite overgrowth.

Parkview Financial just shelled out $12.35 million to the in-progress building at 330 Grand Street.

As previously reported, the newcomer is to rise six stories and boast twelve units, ranging in size from 696 to 1,213 square-feet (six one-bedrooms and six two-bedrooms). Apartments will feature luxury kitchens with high-end appliances, granite countertops, in-unit laundry, hardwood floors, and private keyed elevator access. The two penthouse units will have rooftop terraces and the two ground floor units will have private yards.

Average per-unit sale price is expected at around $1.5 million.

The modular structure is reportedly being built in Turkey, before its cross-Atlantic journey to Grand Street.

Controversial Lower East Side property owner Daniel Wise – whose modular project on East Broadway undermined the neighboring building – is also developing this parcel. He purchased 330-332 Grand for $6 million over three years ago with the same idea; demolish and stack up prefab condos.

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