Developers drop condo concept for Lafayette House, switch to apartments

David Weinstein and Dyke Nelson’s plans for the Lafayette House—a residential project in a historic downtown building at 342 Lafayette Street—are moving forward, with construction expected to begin during the fourth quarter. But there has been one significant change in the project since it was originally announced in 2012: The four-story, 16-unit building will be developed as multifamily apartments, not as condominiums as originally planned. Weinstein says the partners decided to do apartments because the current lending climate is so unfavorable for condos, a trend developers are seeing nationwide. “Lenders are very interested in doing apartments but not condos,” Weinstein says. “It has to do with the [buyer’s] financing of the [condo] units. They’re having trouble getting financing.” Three of the planned condos were already under contract when Nelson and Weinstein shifted gears. “We decided the project would be better served if we did it this way instead,” he says. Buquet & LeBlanc Inc. has been selected as the general contractor on the renovation project, which is expected to take about nine months to complete. The one-bedroom apartments will lease for around $1,350 per month. —Stephanie Riegel