The Real Deal New York

After years of delays, 56 Leonard can now begin closings

Construction began in 2007 and sales launched in 2013

May 11, 2016 02:37PM
By E.B. Solomont

Rendering of 56 Leonard Street

Rendering of 56 Leonard Street

More than three years after sales launched, buyers at 56 Leonard can finally close on their units at the Tribeca condominium, the developers said Wednesday.

The building was granted a temporary certificate of occupancy by the Departments of Buildings earlier this month, paving the way for the milestone.

Construction on the glass-stacked tower, developed by Alexico Group and Hines, started in 2007 only to endure delays during the financial crisis. Sales launched in March 2013.

Today, the Herzog & de Meuron-designed tower is nearly sold out, with two penthouses left for sale, according to the developers. PH 52B, measuring 3,709 square feet, is asking $17.75 million. PH 58, spanning 5,489 square feet, is asking $34.5 million.

Izak Senbahar

Izak Senbahar

Alexico – which paid $136.5 million for the site, which is located at the intersection of Church and Leonard Streets — started construction on 56 LeonardTRData LogoTINY nearly a decade ago. The project stalled during the recession but after bringing on Hines as a partner in 2013, Alexico scored a $350 million construction loan from Bank of America.

Within a month of the sales launch in 2013, 50 percent of the units were in contract for a reported $450 million. The 60-story, Jenga-like tower topped out in 2015.

Currently, the 145-unit tower has 142 units under contract for a total of $1.12 billion, according to listings portal On-Line Residential. The average sale price is $3,253 per foot.

The ninth and 10th floors have a combined 17,000 square feet of amenity space, including a sun deck, library, 25-seat theater, private dining room and terrace. Artist Anish Kapoor created a two-story, 40-ton steel sculpture that will sit at the base of the tower, and is scheduled to be installed this fall.

Corcoran Sunshine Marketing Group is handling sales and marketing.

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