Prime Rok Real Estate and Greystone Property Development have purchased the eight-story, 33,000-square-foot building at 164 West 74th Street, on the Upper West Side, for $28 million. According to Commercial Observer, the new owners are planning to convert the building, which is currently Phoenix House’s drug and alcohol rehabilitation facility, into 14 to 18 condominium units. As currently proposed, the structure’s façade will be lightly restored, the rear will be partially demolished, and the interior will be gut-renovated. Barry Rice Architects is designing the conversion, but any alterations to the property will have to be approved by the Landmarks Preservation Commission, as it’s located within the Upper West Side-Central Park West Historic District.
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