The Real Deal New York

Tribeca development site trades for $22M

Blaichman purchases land where 24 condos will rise

October 16, 2012 12:30PM
By Guelda Voien

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Charles Blaichman of CB Developers

UPDATED: The Tribeca land where Fishman Holdings had planned to build a luxury hotel has been sold, for $22 million, to Charles Blaichman’s CB Developers, records filed today with the city show. The site will be redeveloped as condominiums, according to the seller.

After struggles with Landmarks Preservation Commission approvals, plans for 24 condo units were approved in August, according to records filed with the Department of Buildings. CB Developers will move ahead with the development as Fishman planned it, Fishman executive vice president Yehuda Mor said.

CB Developers confirmed the purchase, but would not comment on future plans at the site.

Fishman Holdings North America, a subsidiary of massive Tel Aviv–based real estate holding company the Fishman Group, purchased the building for $20.8 million in 2007, according to city records. The New York-based developer Aharon Vaknin had been a partner in the project, according to previous reports, but was bought out last year.

The site was set to be redeveloped as a 45,000-square-foot, 108-room hotel, when the existing structure — a walk-up apartment building — partially collapsed, in 2009. The city Environmental Control Board issued a violation with a $4,000 penalty that year, for working without a permit at the site. Fishman then revised the proposal, gaining LPC approval for a smaller-scale 85-95 room hotel, in May of 2011.

Fishman bought 950 Second Avenue, a Manhattan development site, last December, and sold its stalled condo project 5 Franklin Place for $44.75 million to Elad Properties in July.

The developer sold the 87 Chambers Street project in order to concentrate its efforts at their 950 Second Avenue project, according to Mor.

Blaichman’s projects include the Soho House and the Richard Meier-designed West Village condominiums 173 and 176 Perry Street.

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