Unusual artist-developer partnership yields Tribeca condo

TRD New York /
Dec.December 29, 2011 08:47 AM

alternate
text
Clockwise from top left: Magnum Real Estate Group President Benjamin Shaoul, Arman (inset), a rendering of 482 Greenwich Street, and Prudential Douglas Elliman’s Leonard Steinberg
For all the unconventional partnerships in real estate, perhaps the most unlikely is an artist and a developer conspiring to build a nine-story condominium at the corner of Greenwich and Canal streets in Tribeca, according to the Wall Street Journal.

The lot at 482 Greenwich Street was owned by the artist Arman, who made a career out of critiquing consumerism by turning the every day items that comprised the city’s grit into an usual structures. Now, his wife has partnered with developer Magnum Real Estate Group to turn it into a luxurious nine-story, eight-unit, Karl Fischer-designed condo.

Arman purchased the land in the early 1980s along with a five-story loft building into which he moved, predating the artistic community’s shift from Soho. Real estate was not important to Arman, according to the Journal, but discarded items that lined the city’s streets were.

In 2004, Arman entered into talks with Red Brick Properties to build a condo that would prominently feature his sculpture in front. “Arman wasn’t interested in real estate. The only thing he cared about was his sculpture,” said David Slaven, a principal at Red Brick.

But after Arman’s death one year later and disputes stemming from the economic downturn, Red Brick backed out of the project. Recently, his wife struck a deal with Magnum, which is now moving forward with a nine-story, eight-unit, Karl Fischer-designed structure at the site — provided she get units in the building and two parking spaces. The building is named the Arman, and Arman’s wife calls it the perfect tribute to her husband, despite the contradiction of luxurious condos being named after a gritty street artist. Prudential Douglas Elliman’s Leonard Steinberg is marketing the units, which start at about $4 million for 2,500-square-foot, three-bedroom apartments. [WSJ]


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Single-family saves the day. Q3 resi sales up in South Florida

Single-family saves the day. Q3 resi sales up in South Florida

Single-family saves the day. Q3 resi sales up in South Florida
(Getty)

Brooklyn home sales fell at a record rate in Q3

Brooklyn home sales fell at a record rate in Q3
The vacancy rate hit 5.75 percent (iStock)

Rental listings in Manhattan hit 14-year high as vacancies soar

Rental listings in Manhattan hit 14-year high as vacancies soar
Ed D’Ambrosio (center) with Dottie Herman and Rory Golod (Elliman, Twitter)

O Brother, where art thou? Dottie Herman’s brother leaves for Compass

O Brother, where art thou? Dottie Herman’s brother leaves for Compass
(iStock)

Manhattan apartment vacancy smashes 5% barrier

Manhattan apartment vacancy smashes 5% barrier
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...