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NEW YORK CITY — BCN Development has entered into an agreement to acquire a property located at 9 E. 16th St. in New York City for approximately $17 million. The buyer plans to convert the property into one-, two- and three-bedroom condominiums. Plans for the building's existing commercial tenant, Steak Friets, were not disclosed. The transaction is expected to close by the end of the summer, with the renovation beginning soon after.