Word has gotten out that a real estate investor Billy Procida from Englewood Cliffs, N.J will put up a cool $31 million to kick start a restoration at the Divine Lorraine Hotel located on North Broadway. For decades this renowned piece of architecture has been abandoned and defaced by graffiti.
Over the years many investors have expressed interest in renovating the Divine Lorraine but this is the first confirmation that a restoration is definite. Billy Procida who heads Procida Funding & Advisors will be partnering with EB Realty Management Corp. In total the renovated building will host 126 residential units and 21,000 sq. ft. of commercial space. If all goes right the deal will close in 45-60 days and construction will begin immediately.
We will keep you up to date with any further developments. What do you think of this project?