The Real Deal New York

VE Equities buys Tribeca site, plans another condo

By Katherine Clarke | May 21, 2012 12:00PM

VE Equities, the development team behind recent sold-out Tribeca projects like the Carriage House at 60 Collister Street and 471 Washington Street, has purchased a Tribeca development site at 290 West Street, according to public records filed with the city on Friday. The company is planning another luxury residential development on the site, co-founder Zach Vella told The Real Deal today.

VE bought the 85-foot by 85-foot site, which formerly served as a gas station, from Exxon Mobil earlier this month, records show. The company paid $15.46 million for the vacant residential land, which was cleared by Exxon before the sale.

The developer is planning a large Morris Adjmi-designed condominium building at the location, with units sized between 3,000 and 6,000 square feet each. The total number of units has not yet been finalized – the project is still in its design and development phase – but zoning restrictions allow for an excess of 40,000 buildable square feet. The development is slated to break ground this summer, with completion set for sometime in the next two years.

“We were attracted to this corner because of its water views,” Vella said. “Obviously we love the area and were encouraged by the way 471 Washington was received.”

VE has once again tapped Prudential Douglas Elliman’s Eklund Gomes team, headed by Swedish broker Fredrik Eklund and group partner John Gomes, to market the project.

Eklund added: “[The project] is very different [from the other Tribeca developments] because every single unit has protected water views. It’s a triple corner building and will have incredible views of the water and the sunset.”

The announcement comes on the heels of the success of several similar VE projects in Tribeca. Following a successful sell out of 471 Washington Street in January, the firm announced it had a contract out on the final unit at the former American Express Carriage House at 60 Collister Street in April.