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