Penn Arts owner buys historic apartment building

A group led by developer Christopher Piazza has acquired the Piccadilly Apartments at 28 E. 16th St. and is planning a renovation of the 1928 building.

The 58-unit, nine-story Piccadilly includes studios, one-bedrooms, three-bedrooms and a 2,000-square-foot, two-bedroom, 3-1/2-bath antique penthouse with a skyline view and a private elevator.
 

otr-piccadilly-040212-1col.jpg Built in 1928, the renovated nine-story Piccadilly will preserve original hardwood floors and bathroom tile work. (IBJ Photo/ Perry Reichanadter)

Projects by Piazza’s Reverie Estates include Penn Arts across the street at 111 E. 16th St. and the Indy Indie Artist Colony at 26 E. 14th St., both of which are fully occupied.

Piazza said he will partner with William and Kara Poovey (his investors on previous projects) on the renovation of Piccadilly, which calls for updated kitchens that use original cabinets and built-in fridges where possible, subway tile backsplashes, restored hardwood floors, renovated bathrooms with original tile work and vanity mirrors, and period-appropriate fixtures throughout.

Planned new amenities include a 24-hour gym, bike parking and a free laundry room. Rents will start at $500 a month for a studio, $700 for a one-bedroom, and $800 for a two-bedroom unit. No price yet for the penthouse.

Piazza declined to disclose a purchase price or his target budget for renovations. The developers plan to apply for historic tax credits and take out a loan from Ameriana Bank.
 

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