The Greystone, a landmarked former hotel in the West Village, faces an uncertain future. Rocco Termini and Signature Development’s plan for a residential conversion of the long-vacant building has unraveled. Meanwhile, current owner Ellicott Development’s 5182 Group LLC will be in housing court on Thursday due to code violations at the property.
Plans for the renovation of the Greystone at 24 Johnson Park have come and gone in recent years. Opened in 1897, the former Berkeley Hotel was designed by Carlton Strong. The distinctive building is an early example of reinforced concrete construction.
Ellicott Development purchased the property in March 2002 with plans to convert the complex into a market-rate, upscale apartment building. Work came to a halt after a worker fell through an upper floor while gutting the building. Ellicott later declared the building could not be economically renovated.
As the downtown housing market heated up in early 2006, Ellicott revived plans to convert the project into residences albeit with smaller units than planned previously. A few months later Rocco Termini and Signature Development announced their intentions to buy the property and take on the conversion project.
Signature Development has not disclosed why the firm decided against proceeding with the project. The Greystone would have been the second troubled property the firm purchased from Ellicott Development. Signature is putting the finishing touches on 30 upscale lofts and the Vincennes Academy in the Webb Building purchased from Ellicott in December 2006.
Another real estate development firm with a significant city presence was recently rumored to be interested in the building. Unfortunately, the firm has apparently decided to pass on the opportunity according to several sources.
The housing court case scheduled to be heard tomorrow originated in April 2006. Ellicott’s long-term plans for the building are cloudy, but a source says the firm prefers to sell the property.