Work has been going on for several months, and (from the outside) one can see that there are one or two apartments that are not being touched, while the rest are being gutted.
Presumably, the building has a few holdout rent stabilized apartments.
Here's the pitch the developer took:
BRAND NEW TO MARKET. This massive CORNER limestone building is 90’ X 20’ and is on of the single best tree lined blocks in Prospect Heights. Delivered vacant with approximately 7200 square feet on four floors plus an additonal 1800 square foot partially above grade, windowed cellar, this building offers literally all the space and possibilities of two huge townhouses. Currently configured as 8 large two bedroom apartments (two of which could be duplexes), this building could achieve approximately $6 Million in sales as a condo conversion or $250K plus in annual rental income.Alternatively, this could also make an incredible unique home (plus tremendous income!) for a new owner. This property is offered VACANT and READY FOR RENO; bring your contractor today!
Here's what each unit could look like:
Here's the obligatory street photo from a few years ago: