The Real Deal New York

Related targeting nearly $700M sellout at Tribeca condo

Average unit price at 70 Vestry would clock in at more than $14M

March 01, 2016 03:50PM
By Rey Mashayekhi

70 Vestry Street

Rendering of 70 Vestry in Tribeca (inset: Jeff Blau)

The Related Cos.’ planned condominium building at 70 Vestry Street in Tribeca is seeking a total sellout of nearly $700 million, according to a condo offering plan approved by the New York state Attorney General’s office last week.

Related is now able to launch sales for the Robert A.M. Stern-designed development after the state approved its condo plan filing on Feb. 24. The 47-unit building is slated for a total sellout of just under $698 million, with the average unit price coming in at more than $14 million.

The project is also expected to feature 29 “storage” units and nine parking spaces, according to the filing. Representatives for Related did not return requests for comment.

Related acquired the six-parcel Tribeca development site on which the 14-story condo building will rise from Ponte Equities for more than $115 million in 2014, as The Real Deal reported. The site comprises the western portion of a block bounded by West, Washington, Desbrosses and Vestry streets.

Condo units in the building will range from two to five bedrooms and span between 1,900 square feet to more than 7,000 square feet, according to Related’s website. The developer secured $200 million in funding for the project from Bank of America in September, with the development slated for completion in 2018.

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