The stalled Clinton site and Glenwood’s Gary Jacob
Glenwood Management intends to bring a mixed-use development to a site on the West side of Eighth Avenue between 46th and 47th streets, after buying the mortgages and keys to the site, originally owned by Tribeach Holdings, the New York Post reported.
“We’re definitely not using [Tribeach’s] plans,” said Glenwood’s Gary Jacob. “We’re going to work on a mixed-use property with retail and high-end rentals.” While there is still a possibility of adding air rights, Jacob noted it is still in the very early stages of their planning.
As The Real Deal previously reported, Tribeach had accumulated enough buildings and air rights to construct a 38-story condo hotel but for a long time was not able to proceed. “There’s no way I could sell it now,” Tribeach’s William Fagen told the Post in 2009, “because it would wipe out my equity.”
Last year, lender Bank of Scotland sold the notes to luxury rental developer Glenwood.
The site can be constructed to between 260,000 and 320,000 square feet, the Post said.
[Post, 3rd item]