401 Washington and 422 Greenwich are back in development.
The properties were bought by Taconic Investment Partners. Hope they use the Adjmi design already approved by LPC.
The following article is a little confusing. The 401 Washington site is the 100 year old warehouse. That's being renovated. The new "mirror-image" building will be on the site of the parking garage, 422 Greenwich.
Downtown development site fetches $65M
Taconic Investment Partners plans residential building with roughly 30 to 40 units at 71 Laight St. in TriBeCa. The deal is expected to close in late spring at $8 million above the property's 2007 price.
By Theresa Agovino @theresaagovino
January 20, 2012 10:34 a.m.
Taconic Investment Partners reached an agreement to pay $65 million for a development site on 71 Laight St. in TriBeCa, sources familiar with the deal said. The transaction is expected to close in May or June.
Taconic plans a residential building with roughly 30 to 40 units on the site that's also known as 401 Washington St. and now houses a warehouse and parking garage. Any plan must be approved by the Landmarks Preservation Commission because the site is in the TriBeCa West Historic District.
The property's current owner, Alvaro Arranz, bought it in 2007 for $57 million. He put it on the market in late 2010. The price Taconic has agreed to pay works out to roughly $600 a square foot. TriBeCa boasts some of the highest residential real estate prices in the city.
Mr. Arranz had originally hired architect Morris Adjmi to design two residential buildings modeled on the brick, turn-of-the-century warehouse that sits on the site, published reports said. That proposal had been approved by the Landmarks Preservation Commission, so Taconic could move forward with that plan if it chooses.
Taconic co-CEO Paul Pariser had no immediate comment while Eastern Consolidated chairman Peter Hauspurg, who has been marketing the site, didn't return calls.
©2012 Crain Communications Inc