The Real Deal New York

Blaichman secures quick $23M sale of Tribeca lot

Developer bought the development site, slated for condos, last fall

May 24, 2013 03:00PM
By Hiten Samtani

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From left: Michael Barry, 87 Chambers Street and Charles Blaichman

Updated, 3:39 p.m., May 24: Charles Blaichman’s CB Developers has sold a Tribeca development site to Hoboken, N.J.-based Applied Development Company for $23.2 million, mere months after paying Fishman Holdings $22 million for the plot, city records filed today show.

The deal closed April 30. The 7,569-square-foot vacant lot is located at 87 Chambers Street between Broadway and Church Street and is zoned for a 56,918-square-foot development, according to PropertyShark.

Blaichman confirmed the sale, which he said was handled directly between the two companies. He declined to comment on plans for the site.

After struggles with the Landmarks Preservation Commission, Fishman won approval last August to build 24 condominium units at the site, as The Real Deal reported. The developer had earlier intended to construct a 95-unit hotel at the site, but sold it in order to focus on development at its 950 Second Avenue project, its executive vice president Yehuda Mor told The Real Deal at the time of the October 2012 sale to CB.

A new permit for an eight-story building was issued in March of this year, according to DOB records.

Representatives from Applied were not immediately available for comment. Greenberg Traurig’s Peter Miller, the attorney for Applied on the deal, was not immediately available for comment.

Applied Development is associated with Ironstate Holdings, which is involved in a flurry of projects on New Jersey’s Gold Coast, including the 225-room and 40-condo W Hoboken at 225 River Street, and the 422-unit rental project 18 Park in partnership with Murray Kushner’s Kushner Real Estate Group, as The Real Deal reported.

Ironstate is also partnered up with Blaichman on the East Village’s Jefferson condominiums.

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