A year ago, Lalezarian Properties put a pair of four-story buildings on Charlton Street in Hudson Square on the market for $50 million. No one paid that hefty price, and now principal Kevin Lalezarian has decided to develop the site between Hudson and Greenwich Streets himself.
Lalezarian filed plans for a 21-story residential building at 102 Charlton Street this morning. New building applications call for 61 apartments spread across 59,323 square feet of residential space. Average units will measure 972 square feet, which could be condos or upscale rentals. The building is slightly larger than what’s typically allowed under city rules, and that means the developer is including below-market units in exchange for a floor area bonus.
The 210-foot-tall structure will have a lobby and recreation space on the ground floor, followed by two units each on the second through sixth floors. The seventh floor will hold three units, followed by four to five each on the eighth through 16th floors and full-floor units on the remaining five stories.
Besides the ground-floor recreation space, the project will also have a shared roof deck and bike storage in the cellar.
The prolific Ismael Levya Architects, based on West 37th Street, will be responsible for the design.
Demolition plans have already been filed to knock down the two late 19th century tenement buildings. They hold a mix of 32 rent-stabilized and market-rate apartments.
Lalezarian picked up the two buildings for the surprisingly low price of $4,000,000 in 2010, while New York’s real estate market was still climbing out of the recession.