Bob and Courtney Novogratz are set to move into a sleek penthouse in Dimes Square, a vibrant little area nestled between Manhattan’s Lower East Side and Chinatown, as Gimme Shelter recently reported.
But of course, there’s a bit of work to do first.
This design-and-development couple, known for their upscale projects from downtown Manhattan to L.A.’s Bird Street, bought the Grand Dairy Building last month for $3.9 million, according to public real estate records. They paid all in cash.
They plan to replace the existing three-story structure, which dates back to 1910, with a six-story boutique condominium. Interestingly, they intend to keep the penthouse for themselves.
The building at 341 Grand St. will be branded as 58 Ludlow for its residences, while the ground floor will retain its Grand Street address for retail use. Norbert Figueroa of Studio Afar Architecture is on board as the architect.
“We’re empty nesters right now,” Bob, 63, shares. He and Courtney, 54, have raised seven children, aged 17 to 28. They even appeared on reality TV, with shows like Bravo’s “Nine by Design” and HGTV’s “Home by Novogratz” airing from 2010 to 2012. They also became grandparents this year, welcoming a two-month-old grandchild.
As Gimme Shelter noted previously, the couple renovated their well-known pink house at 114 Waverly Place in the West Village before selling it for $20.8 million. In 2023, they sold a refurbished Spanish villa from 1931 on L.A.’s Bird Street for around $12 million.
After those sales, they’ve been renting in Union Square while searching for their next venture.
“After selling [Waverly Place], we really wanted to buy something,” Bob said. “It’s a unique place.”
It fit their vision nicely. “It’s too small for big developers and too large for small businesses to secure funding, but it’s just right for us,” Novogratz explained.
The couple first stumbled upon this area about 20 years ago.
“It’s rich in history. I nearly acquired several buildings here 18 years ago. I knew it would develop, similar to Soho,” Bob recounted, noting that back then there was only one eatery, Zucco, which is now called Le French Diner.
“This area has something truly special,” he continued. “I appreciated its openness and brightness. It felt so genuine.” He mused about how it reminded him of places, like a now-closed Café Noir in Soho.
The previous owner was described as “an old-school Lower East Side guy.” Bob recalled how people doubted he would sell. “We told him we’d call it the Grand Dairy Building,” he said.
The Grand Dairy Restaurant, which was on the first floor, served the Jewish community in the Lower East Side and was one of the last kosher dairy lunch counters until its closure in the 1990s. The building had been vacant for around 20 years.
“We want to preserve the building, but it seems hard to restore,” Novogratz admitted.
If everything goes as planned, residents might be able to move in within 20 months.
The proposed design includes five full-floor residences, featuring high ceilings and private elevator landings.
Sticking to a modern industrial style, the classic red brick structure with curved black steel windows remains compatible with both the building’s original look and the surrounding neighborhood.
“We’ve seen a lot of interest already,” he mentioned, noting that he’s also interested in who will eventually live there.
“We really want to create a boutique hotel-like experience. It’s exciting to work on something this small while helping to build a community,” he added, drawing inspiration from projects like 220 E. Ninth St., another boutique condo set to rise on a former parking lot site, and the Crosby Street Hotel.
As for the penthouse, he remarked, “This is a property that will never be put up for sale.”
