The former East Village longtime home and workplace of artist Frank Stella was purchased by investor Arthur Minerof's Milan Associates for $22 million. Located between Third and Fourth Avenues, the single lot is the site of three-story buildings at 128 East 13th Street and 123 12th Street.
Late last week, the two properties were bought by Minerof for $21.5 million, or $1,670 per square foot, from Infinity Real Estate LLC, a subsidiary of Steven Kassin's Infinity Group, said the sources.
Constructed in 1904, the Beaux-Arts carriage house on 13th Street housed Van Tassel & Kearney Auction Mart, a top seller of horses and horse-drawn carriages. Stella bought the property in 1978, and lived and worked there until 2005, as reported by The Real Deal.
Both the buildings were acquired by Joseph Sabbagh's Union Square-based firm Ultimate Realty for $10 million in 2005. But the firm sold them to a non-profit Trust for Architectural Easements.
The properties were foreclosed in 2012. Infinity Real Estate bought the buildings for $9 million at an auction. The carriage house was designated by the City Landmarks Preservation Commission as a landmark since 2006.
The properties feature high ceilings reaching 30 feet on the second floor of the home.
When Infinity bought the mixed-use on 12th Street, it housed Alliance Brazilian Jiu-Jitsu martial arts studio on the ground floor and a duplex apartment on the second level.
According to Curbed, the horse and carriage auction house that was used as a live/work studio by artist Frank Stella from 1978 to 2005 was sold after a year on the market. It was purchased by Milan Associates for $21.5 million from the development firm Infinity Group.
In 1920, the building was rented by a candy manufacturer. During the second world war, the building housed the Delehanty School, a vocational school that trained women for the defense industry.
Currently, the carriage house is rented by Capazeio's Peridance dance studio with a lease agreement until 2028.