Bluestar makes historic purchase.Bluestar Properties, Inc. announced the acquisition of a 73-unit elevatored apartment building located at 327 St. Nicholas Avenue for $15,364,000. The 96,000 s/f building is positioned on St. Nicholas Avenue between 126th and 127th Streets. With almost 200 feet of frontage, the property is visable for many blocks up and down St. Nicholas Avenue. Formerly known as P.S. 157, the property "is a unique asset with incredible history and character," according to Jeffrey Pikus, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bluestar Properties, a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based owner and manager. Listed on the National Register of Historic Places This article is about the U.S. Register. For the National Register of Historic Places in Canada see Canadian Register of Historic Places. The National Register of Historic Places , the Renaissance Revival structure was designed as an elementary school in 1898 by C.B.J. Snyder, a former Superintendent of School Buildings in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . In addition to the Flemish gables, classical columns and elaborate sculptural ornaments surrounding the building, Snyder's innovative H-plan was designed to provide air and light to all of the classrooms. P.S. 157 served as an elementary school for more than 70 years. It was not until the early 1990's that this vacant and dilapidated city-owned property underwent a major redevelopment and classrooms were transformed into large loft-like apartments. In addition to 15-foot ceilings and 10-foot high windows in each apartment, wood wainscoting and a massive wrought iron fire stairwell stair·well n. A vertical shaft around which a staircase has been built. stairwell Noun a vertical shaft in a building that contains a staircase Noun 1. was painstakingly restored. The property, which sits atop the 125th Street subway station, is in a tremendous location. Considering the zoning changes along the 125th Street corridor and Columbia University's expansion plans just a few blocks to the north and west, "the immediate area will change dramatically over the next 5 years. I'm very excited to own this property," adds Pikus, who intends to continue to operate the property as a rental building. Although the residential portion of the building is 100% occupied, there is 5,300 s/f of basement level space available for lease. In order to accommodate zoning requirements that allow for a community facility, Pikus intends to rent to a nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. . Paul Greenbaum of GCP GCP Good Clinical Practice GCP Ground Control Point GCP Global Carbon Project GCP Gateway Control Protocol GCP Global Consciousness Project GCP Granulocyte Chemotactic Protein GCP Grand Central Parkway (New York) Capital arranged for the financing, while David Meyrowitz, Esq. of Simon, Meyrowitz and Meyrowitz PC represented Bluestar Properties, Inc. |
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