Eychner explains that the property is a seven-story former correctional facility in one of five historic districts in Harlem. The state has a mandate to sell the property, which is in a residential community and also zoned for such a purpose. RFPs have gone out requesting interested parties to outline renovation and future use plans. Eychner says the project will not necessarily go to the highest bidder, but to the one whose plan most closely meets the goals of the state.
"Our plan is to create full-floor lofts," Eychner says. "There are not that many loft-style buildings in the area and I think it would be very desirable. Having been owned by the state, it's in institutional condition, meaning the infrastructure is in tip-top shape. We will propose to take out all of the small cell units and offices and open it up, creating clean, white boxes. We'd also put in high-tech infrastructure.
"The proposals are due in June," he adds. "There was a seminar, then a visit to the site. We're currently starting to officially draft our proposal. A lot of people are interested. It will be fascinating to see who the state selects and what the property becomes."
The interest in Harlem has been red hot since last fall, as GlobeSt.com has been reporting, but clearly the press coverage reached a fevered pitch when former president Clinton took his office space on 125th Street. "Clinton legitimized the market there," Eychner comments. "Now 125th Street has the GAP, a successful Starbucks, the Body Shop, Clinton and a number of small new restaurants. It probably has another five or ten years to go, but it's becoming more and more like Greenwich Village.
"Lots of famous people are looking there now," he adds. "Maya Angelou, Wesley Snipes. It's becoming really interesting. The owner of the Lenox Lounge has completely restored it with money from the empire zone and you can go and see the booth that was always reserved for Billie Holliday or go into Jimmy's Uptown and it's just like you were in SoHo. I've sold in Greenwich Village for 25 years and there are definite parallels now between Downtown then and Harlem now."
He says the community is becoming a magnet for young and energetic people looking for more value for their dollar. "East Harlem (it's more commonly known as Spanish Harlem) is next for development," he adds. "It will come once Central and West are anchored. I've heard Donald Trump is looking for something in East Harlem. It will likely be a big project; we all know he doesn't do anything small."
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