Plans for converting the Packard Building at 1325 Main Street into 40 apartments and first floor commercial space have taken a step forward. White Plains-based Regan Development purchased the property today for $1.2 million from Cash Realty & Auctions. The three-story, 70,000 sq.ft. property is located at the corner of Riley Street, two blocks north of ArtSpace.
The circa-1926 Midtown building was originally constructed as an auto dealership and for vehicle storage. Regan Development’s planned $9.5 million conversion will create one studio apartment, 11one-bedroom, 24 two-bedroom, and four three-bedroom units. Gross rents (rent plus utilities) will range from $306 to $850 and will be affordable to households with incomes at or below 80 percent of the area median.
The development team consists of Regan Development and not-for-profit participant Bethel CDC as developer and owner, Resetarits Construction Corporation as general contractor, Hamilton Houston Lownie as architect and Belmont Management as property manager. The deal was brokered by Bob Biniszkiewicz of Pyramid Brokerage Company.
