VE Equities prepares to break ground on second North Moore Street condo

TRD New York /
May.May 22, 2012 04:00 PM

VE Equities, which yesterday announced a new residential development at 290 West Street, is preparing to break ground on yet another project in its favorite neighborhood, Tribeca.

VE, headed by Zach Vella and Justin Ehrlich, said construction will begin on a new, 20-unit condominium at 11 North Moore Street in the next month or two. The 80,000-square-foot Adjmi + Andreoli-designed condo, which is being developed in partnership with a family that’s owned the land for several decades, is set for completion in around 18 months, Vella said.

The units will range from 3,000 square feet to an 8,000-square-foot penthouse featuring 20-foot ceilings and a full-size pool. Thanks to its size – the building will take up the whole block north to Beach Street – each unit will also have at least one wall of windows and plenty of light, Vella said. According to plans, the development will also have a large interior courtyard and parking as well as a gym, library and ground-floor storage units.

“I think [the design] is the right mix of stone and glass. It will blend in with the neighborhood and still make an architectural statement,” Vella added, noting that VE is “not holding back on the quality of design and finishes.”

Prices for the units are not yet available. Vella said VE has not yet filed an offering plan.

The company has once again tapped Prudential Douglas Elliman’s Eklund Gomes team, headed by Fredrik Eklund and John Gomes, to market the property after the group succeeded in completing quick sellouts of other VE projects such as 60 Collister Street and 471 Washington.

“What we try to do is identify a unique selling point for all of these buildings,” Eklund said. “[The other new building] at 290 West Street will have protected water views and 11 North Moore Street is arguably on one of the most expensive and most popular streets in Tribeca.”

This is not VE’s First Project On The Street. The firm recently completed sales at 1 North Moore Street on the corner of West Broadway, which included two triplexes and three full-floor, three-bedroom lofts. The units closed for between $5 million and $12.5 million, according to data from Streeteasy.com.


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