Time Equities

On Christmas Eve 2013, the cash-strapped Archdiocese of New York put St. Patrick’s Old Cathedral School on the market for $29 million. Now it looks like Time Equities has purchased the Little Italy property, throwing down $32 million, according to city records filed today (233 Mott and 32 Prince). Plans to turn the school into condos have been in the works since October 2013, when it was reported that the building was in the process of being sold off to Hamlin Ventures, with re-vamps provided by Marvel Architects. Though records show Time as the buyer, the two developers are joining forces to turn the sprawling 14,925-square-foot former orphanage/convent/school into two single-family homes and eight luxury condos.
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