A Connecticut real estate investment partnership has acquired the Station Plaza Office Building in Rye with plans to redevelop the property as a 12-apartment luxury residence with a 3,500-square-foot restaurant across from the Rye Metro-North train station.
A partnership of JCS Capital L.L.C. in Stamford and Granoff Real Estate L.L.C. in Greenwich closed this month on its $2.07 million purchase of 2 Second St. in Rye. The seller, Ganz Easy Street Inc., paid $2 million for the property in late 2002, according to Westchester County land records.
A spokeswoman for JCS Capital said the structure was built as a parking garage for wealthy New Yorkers to store their cars for weekend getaways in the suburbs. The building was renovated in the 1970s and converted into a 12,600-square-foot office building, said Ciara Smyth, marketing director at JCS Capital. She said one half of the building still has a parking garage drive ramp and has been used as warehouse space.
Partners in the $3 million project – Justin Shaw, principal of JCS Capital, and architect Richard S. Granoff – have received city approval for their plans for a 17,500-square-foot mixed-use development. Office tenants will vacate the building by October, Smyth said.
“The proximity to the train makes this the perfect residence for daily commuters,” Shaw said in a press release. “We are excited to bring a fresh face to this great town and provide residents the option of easy, contemporary living.”
The partners’ affiliated companies, Granoff Architects in Greenwich and JCS Construction Group Inc., a general contractor in Stamford, will manage the design and construction of the project. Construction is slated to begin in early 2015 and be completed in the last quarter of 2015.