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$40M Renovation for Front St. Seaport Strip

NEW YORK CITY-The three city-owned parcels include 13 loft buildings and three vacant lots. The lofts will be renovated and new construction will retain the character of the historic neighborhood.

By Glen Thompson | Updated on May 21, 2002

NEW YORK CITY-An assemblage of three city-owned parcels in the South Street Seaport Historic District will be developed by Historic Front Street. The $40-million project will result in the renovation of 13 existing buildings and new construction on the three vacant lots that together make up the site.

The site is located along both sides of Front Street between Beekman Street and Peck Slip. Existing structures on the property are deteriorating loft buildings. The development will create roughly 100 apartments and 22,000 sf of ground-floor retail and gallery space. A 7,000-sf maritime center will be created as a complement to the expanding Seaport Museum and will showcase the collections of the Seamen’s Church Institute of New York and New Jersey.

“This project will restore and revitalize an entire block in the Seaport neighborhood,” says Andrew M. Alper, president of the New York City Economic Development Corp. “The development will bring attractive new housing, gallery and retail space–fitting to the historic community. Historic Front Street’s team has the experience and financial backing required to successfully meet the challenges of this complex project.”

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