Oved Group and Nexus Building Development Group have purchased 185-189 Grand Street at the corner of Mulberry Street, home to Italian American Museum, for $14.8 million, a source with knowledge of the deal told Commercial Observer. The transaction closed last Friday, Joseph Oved of Oved Group confirmed.
The new owners plan to develop a Morris Adjmi Architects-designed 12-unit apartment building (comprising 25,000 square feet) at the site with 3,500 square feet of retail at the base. After closing for two years, the museum will occupy a new and larger (about 6,000 square feet) primarily below-grade condominium unit, the source said. Oved will control the retail portion while Nexus will oversee the residential aspect.
Italian American Museum currently occupies about 1,200 square feet at 185-189 Grand Street, showcasing permanent and rotating exhibits documenting Italian American history and heritage.