New York City, New York — A $10-million investment can turn an old building into a home that could help rebuild historic homes that were abandoned for decades.
A team of architects from a local architectural firm have spent the last year working on a plan to restore and rebuild a historic apartment building on the Lower East Side of Manhattan.
The project is part of a broader effort by the Architectural Conservancy, which is part-funded by the Rockefeller Foundation.
The conservancy plans to spend the next five years restoring the apartment building at 1 W. 29th St. in Manhattan.
The building was the first building in the city’s historic district and was abandoned for years as it was demolished by the federal government in 1933.
Its owners were allowed to sell the property, but were unable to sell it again, according to a 2009 article in the Times of London.
In 2013, the property was sold to a developer and the structure was sold again, this time to an apartment owner.
A group of architects led by Michael J. Pescado Jr. and Michael Pescó built the building with a mix of wood, metal and steel to make it look modern and modern-looking.
The renovation is expected to be completed in 2020.
Pescado said he hopes the restoration will help revive the area and create a new place for people to live and work.
The project started in the fall and the team has been working on it for more than a year, he said.
The restoration will be a large undertaking, but Pescados said the group has built a “complete team.”
The restoration project is not a new concept for the Conservancy.
In 2011, the group built a $10 million renovation of the historic apartment at 518 Broadway in New Jersey that restored the space and added a new entrance.
The Conservancy funded that project, too.