34 Leonard hits auction block May 5

A 16-unit luxury co-op building at 34 Leonard Street in Tribeca is hitting the auction block May 5, according to Crain’s, a year after developer R Squared defaulted on its $37.5 million mortgage and saw lender iStar Financial foreclose on the property. Although the property’s conversion to co-op was considered a success, the developers’ timing was off, placing the units on the market in fall 2007, just a short while before the recession hit. The R Squared development team has yet to comment on the auction proceedings.