An anonymous New York investor has acquired, for $15.4 million, the six-story, 13,150-square-foot former residence and studio of artists Madeline Arakawa Gins and Shusaku Arakawa at 124 West Houston Street, in Greenwich Village. The new owner plans to convert the building’s ground and cellar levels into retail space and turn floors two though six into residential units, according to Commercial Observer. The building is vacant, except for a rent-controlled apartment on the fifth floor. It’s not clear if the apartments will be rentals or condos, but the future residential floors contain 14-foot ceilings and large floor plates. The property is located within the South Village Historic District, which means the Landmarks Preservation Commission would have to approve any exterior alterations.
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They are simply involved in an advisory capacity on the project can produce on size and price.