Seven Valleys finishes $3.8M rehab of John Peirce Residence in Plaza District

Zhang Xin’s Seven Valleys, on August 27, completed a $3.8 million rehabilitation of the cellar and roof of a landmarked building, known as the John Peirce Residence, at 11 East 51st Street in Plaza District.

The plans, pre-filed March 23, 2018, call for a rehab of the cellar, “THR”, and roof of the 87-foot tall, seven-story, building. The building was designated a New York City landmark in 2009.

The project is described in the filings as: addition of new roof level and bulkhead, partial re-framimg of lower floors to accommodate wall removals and new stair openings. No change to use egress or occupancy The initial cost as reported in the DOB filing for the work described in this permit application is $3,828,000.

The property was acquired for $30 million on August 11, 2017 from Mercantil Bank, the U.S. arm of the largest bank in Venezuela.

Seven Valleys is the private single family office of Zhang Xin, the CEO Soho China. In 2013, Soho China, China’s largest office developer, purchased a 40 percent stake in the General Motors Building for $3.4 billion.

Direct link to Acris document.LINK

Direct link to DOB document.LINK