The Real Deal New York

VE Equities buys Tribeca site, plans another condo

May 21, 2012 12:00PM
By Katherine Clarke

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From left: Justin Ehrlich and Zach Vella of VE Equities and the site at 290 West Street and Elliman's Fredrik Eklund

VE Equities, the development team behind recent sold-out Tribeca projects like the Carriage House at 60 Collister Street and 471 Washington Street, has purchased a Tribeca development site at 290 West Street, according to public records filed with the city on Friday. The company is planning another luxury residential development on the site, co-founder Zach Vella told The Real Deal today.

VE bought the 85-foot by 85-foot site, which formerly served as a gas station, from Exxon Mobil earlier this month, records show. The company paid $15.46 million for the vacant residential land, which was cleared by Exxon before the sale.

The developer is planning a large Morris Adjmi-designed condominium building at the location, with units sized between 3,000 and 6,000 square feet each. The total number of units has not yet been finalized – the project is still in its design and development phase – but zoning restrictions allow for an excess of 40,000 buildable square feet. The development is slated to break ground this summer, with completion set for sometime in the next two years.

“We were attracted to this corner because of its water views,” Vella said. “Obviously we love the area and were encouraged by the way 471 Washington was received.”

VE has once again tapped Prudential Douglas Elliman’s Eklund Gomes team, headed by Swedish broker Fredrik Eklund and group partner John Gomes, to market the project.

Eklund added: “[The project] is very different [from the other Tribeca developments] because every single unit has protected water views. It’s a triple corner building and will have incredible views of the water and the sunset.”

The announcement comes on the heels of the success of several similar VE projects in Tribeca. Following a successful sell out of 471 Washington Street in January, the firm announced it had a contract out on the final unit at the former American Express Carriage House at 60 Collister Street in April.

  • KaKaw

    At $381 psf for the land, having to go through DOB, FEMA, bulding the structure at approx $450 with hard and soft costs/finishes, VE is already starting out at about $800/psf for the project.

    Approx 40K buildable, with loss factor for stairs and elevator and public space, they’re looking at approx 32K sq ft that can be sold.

    Even at $1500 psf, you’re gross is 48M. Minus approx 33M for soft and hard costs and you’re net is approx 13M for two years.

  • Professional_Anonymous

    Agreed, but the Meir condos up the block are the comps for this west st project, not the zinc and company behind it.

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