Dilapidated wall falls at Ponte building in Tribeca

January 16, 2013 06:00PM

502 Canal Street

A wall of a nearly 200-year-old Ponte Equities building at 502 Canal Street collapsed Wednesday afternoon, DNAinfo reported. The three-story building had long been the scourge of the area, with neighbors and government agencies repeatedly complaining that it was in a state of disrepair. No injuries were reported in the incident, authorities said.

The landmarked building has been vacant for years, and in 2010 the Landmarks Preservation Commission found that the building’s facade was in danger of collapsing, in response to which Ponte Equities agreed to make immediate repairs. But in 2012, the company was charged with a violation for failing to maintain the building’s defective brickwork, according to Department of Buildings records.

The family firm is known for its valuable Tribeca portfolio, but does little to develop its properties, as The Real Deal previously reported.

Area residents say they hope this will be the last straw. “At this point, the whole neighborhood just wants this building gone,” said Misha Lopato, a resident of a nearby building. “[Ponte] hasn’t done any renovations on it. It just looks bad. And more importantly, it’s dangerous.” [DNAinfo] - Hiten Samtani

Tags: 502 canal street, ponte equities

Tribeca resident

While it is true that 502 Canal has been allowed to deteriorate for years, it is not accurate to say that neighbors want them torn down. Most of us would love to see them restored and returned to their rightful place in our city’s heritage. You need only walk two buildings down to the Canal Street Playhouse (one of the structures in this row of buildings) to see how wonderful they could be. Or go north one block to the Ear Inn. We hope that Landmarks can step in and devise a plan to save and renovate 502 Canal.
- linda thompson
  
  My great, great grandfather, an Irish immigrant lived at 502 Canal St. I would love to see the building preserved because of it’s historical significance to my family and to the city of NY.
Another resident

The city should create some system where if a building goes unused for ten years it is auctioned off on behalf of the owner. It is unfair to the community to have absentee owners tie up prime space.