The Real Deal New York

Related pays Ponte $115M for Tribeca site

Developer picks up parcels on West Street, Desbrosses Street

March 18, 2014 04:05PM
By Adam Pincus

130 People Viewed

270-268-Blau

From left: 270 West Street, 268 West Street (Photo credit: PropertyShark) and Jeff Blau

Related Companies purchased a six-parcel development site in Tribeca from long-time owner, Ponte Equities, for $115.3 million.

The commercial and residential developer closed on the deal for 264-270 West Street and 33-35 Desbrosses Street last week, city records filed today show. The assemblage includes the location of the now-shuttered Ponte family restaurant that had an address of 39 Desbrosses Street.

The parcels comprise the western portion of the block bounded by West, Washington, Desbrosses and Vestry streets. The buildings have at least 171,769 square feet of development rights, according to data on PropertyShark. Insiders said the true air rights could be higher, however.

Related, whose CEO is Jeff Blau, signed the purchase contract in December 2013 and closed on it March 12, property records reveal. Related and Ponte did not immediately respond to a request for comment.

The area is undergoing a transformation in part because of the strength of the neighboring Soho and in part because of a rezoning just to the north in Hudson Square.

This is not the first deal the Pontes — one of the largest property owners in Tribeca — have struck with Related. The pair are building 460 Washington Street, a 10-story, 140,990-square-foot residential building, two blocks directly north.

2 Responses to “Related pays Ponte $115M for Tribeca site”

  1. March 18, 2014 at 2:05 pm, Schmook said:

    I’d love to come back as a Ponte .. This family Hit the jackpot !! Buy and Hold paid off

    • March 18, 2014 at 6:02 pm, Graveshift said:

      Or more like get arrested, convicted and sentenced and be prohibited to sell for decades. Atleast the sons are taking some chips off the table.

comment form

You must be logged in to post a comment.

MENU