The Albert Kahn Building, at 7430 Second Ave. in Midtown, has been acquired and will be renovated to offer some 200 apartments, in addition to 60,000 square feet of retail space, its new owners announced.

The purchase price was not disclosed by its new owners, Lutz Real Estate Investments and Northern Equities Group. 

“We see this area as a major anchor in the city that is undoubtedly trending upward.  New Center is one of Detroit’s most dynamic neighborhoods,” said Matthew Sosin, principal of North Equities Group, in a statement. “It is with great pride and conviction that we continue the groundwork laid by The Platform as we fully rehabilitate and bring this historic structure up to modern standards.” 

The Platform, which sold the building, had bought it in 2015. 

In 1931, when the building opened, it was called the New Center Building; it was named for its architect, Albert Kahn, in 1988. The Detroit News once called Kahn "the architect who defined Detroit." The News' former headquarters, at 615 W. Lafayette, was designed by Kahn.

The 300,000-square-foot building was placed on the market in August 2017


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