LES Building Sold for Luxe Condo Conversion

45 Rivington St. dates back to 1898.

NEW YORK CITY— Vanke Ltd. Co ., the largest residential developer in China, continues to expand its New York City portfolio. A subsidiary of the firm and two US-based partners have acquired a building on the Lower East Side and plan to covert it to residential use. Vanke Holdings USA—along with the Slate Property Group and Adam America Real Estate —has closed on the $116-million purchase of 45 Rivington St. The partnership plans to convert the existing six-story 145,000-square-foot building into luxury residential condominiums. The Vanke, Slate, Adam America partnership reportedly acquired the property from nursing care provider the Allure Group . Charles B.J. Snyder originally designed the Romanesque revival-style building that features 12-foot ceilings and a penthouse floor in 1898. The 45 Rivington building was known as grammar school P.S. 20. In 1993, the property was purchased from the City of New York by a nonprofit and underwent a complete renovation. “We recognize the value opportunity of the historic property, 45 Rivington, and we look forward to working alongside our partners to deliver an exciting condominium offering in a prime location with unique access to the iconic Sara D. Roosevelt Park,” says Martin Nussbaum , principal of Slate Property Group. “We’re confident that the flexibility of the existing structure, which has been transformed in the past to accommodate diverse tenants, allows for us to repurpose a historic and well-known building into a desirable residential destination,” adds Dvir Cohen Hoshen , founder of Adam America. “We will work with the community to help ensure this property is well-received as a project that elevates the influential activity taking place in Lower Manhattan.” In November of last year, Vanke, Slate and Adam America purchased a development site in Downtown Brooklyn for $50 million and are partnering on a mixed-use development there. Vanke and RFR Holding broke ground in February 2014 on the 61-story luxury residential condominium tower at 610 Lexington Ave. Slate Property Group made headlines last month when it partnered with GreenOak Real Estate on the $390-million purchase of the RiverTower at Sutton Place apartment tower from Equity Residentia l.