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Tribeca Site Sells for $26.5M; Residential Development Planned

NEW YORK CITY-Three adjacent parcels--two on West Street and one on Washington Street--one of which is occupied by a landmarked warehouse, will be developed as a 14-story multifamily property.

By Glen Thompson | Updated on January 22, 2003

NEW YORK CITY-Brewran West Associates, an affiliate of the Carl Marks Real Estate Group and the Claremont Group, has sold three adjacent Tribeca parcels in a $26.5-million deal. The 23,000-sf assemblage, which includes a landmarked warehouse, will be developed as a residential project with ground-floor retail and an underground parking.

Carl Marks managing director Martin Schiffman tells GlobeSt.com the warehouse is the only existing building on the site and that its landmark status prohibits its demolition. “It’s in the Tribeca Historic District and is going to be restored to its historical perspective,” he says. A 14-story multifamily development will be built close to the warehouse, Marks adds. A 6,000-sf parking lot and a sliver of vacant land comprise the remainder of the assemblage. The parcels, which occupy half a block in an irregular configuration running north and east from the intersection of West and Laight streets, are the largest site in Tribeca to receive a residential variance.

The former owners acquired the three parcels–256 WestSt., 259 West St. and 416-424 Washington St.–in two transactions, between 1989 and 1993, and applied for a single variance that would change the zoning from manufacturing to residential, which they received. Under their original plan, the new building would be connected to the redeveloped warehouse, which will also contain residential units, via a “tastefully designed corridor,” Schiffman notes. “We always contemplated the site as one major development.

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