The Real Deal New York

Another stalled Tribeca development makes a comeback

April 26, 2013 04:30PM

Besides 56 Leonard Street, slated to be the tallest building in Tribeca, there’s another notable development project in the neighborhood that’s getting a second lease on life, the New York Times reported. Known as the Sterling Mason, this 33-unit condominium in the Tribeca North Historic District is back from a 2007 stall with larger residential units planned this time around.

Taconic Investment Partners is developing the condo, which will be the combination of two buildings: An early 20th century storage loft and a new structure — with an aluminum façade — that will be its mirror image. Morris Adjmi is the architect of record.

Taconic bought the site last year for $65 million from the original developer, Alvaro Arranz, who bought it in 2007 for $57 million.

The plans for the exterior will remain as they were originally planned, as the Landmarks Preservation Commission approved them in 2008. However, the interiors will now primarily be larger apartments. Almost half of them will be three-bedrooms spanning 2,200 to 3,100 square feet that will start at $4.5 million, Susan de Franca of Douglas Elliman Development Marketing told the Times.

There will also be six two-bedrooms starting at $3.9 million, four four-bedrooms that start at $8.6 million and five five-bedrooms starting at $9.2 million. There are also three penthouses, which will start at $16 million. [NYT]Zachary Kussin