NEW YORK CITY-R Squared Real Estate Partners has already begun construction on its 34 Leonard St. development, a cooperative development featuring 16 private loft-style homes with open layouts 10-foot high ceilings and walls of industrial-scale windows, GlobeSt.com has learned. A source close to the development tells GlobeSt.com that the approximate construction cost for the 55,000-sf project is expected to be $45 million.

The 16 residences consist of one-, two- and three-bedroom homes ranging from 1,541 sf to 2,792 sf, as well as a 3,086-sf penthouse residence with a 2,215-sf wrap-around terrace. The source confirms that the sales gallery has just opened as there are already 150 people currently on the priority/waiting list, however there has been no presales as of yet. The homes range from $2 million to $8 million, for the penthouse unit.

Designed by architecture firm Beyer Blinder Belle, the new development integrates exposed materials and flexible spaces. "The development of 34 Leonard St., a one-of-a-kind luxury property with an innovative design in a historic and exciting neighborhood," notes Mitchell Rechler, principal of R Squared in a prepared statement. "34 Leonard is a great addition to TriBeCa, offering discerning buyers one of the most compelling residential opportunities currently on the market and featuring exceptional space fitting a number of unique lifestyles."

The development is slated for a fall/winter 2008 completion, the source explains. The property will add an installation from artist Jennifer Steinkamp to the building, "a three-dimensional visual illusion of trees that envelops the lobby in a sensory experience that is entirely unique," the developers note. "Translucent glass with embedded leaves, sculptured wood benches and artisan crafted limestone walls complete the aesthetic of organic luxury."

The development was designed with layouts to accommodate art collections. Furthermore, art expert Carol Dorksy can be made available to offer her insight to potential buyers interested in starting or expanding their art collections. Among the many amenities and services offered at 34 Leonard are: a hand-crafted, climate-controlled wine cellar individually housing owners' private collections--up to 300 bottles--in filigreed cabinets; a grill and bar/prep area on the roof deck for entertaining; a private sunbathing area with outdoor shower; a private pet spa; a fitness center; a private storage; and a 24/7 doorman.