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