The Real Deal New York

Huge condos coming to small Leonard Street lot

Developer Charles Dunne is planning a boutique residential project
By Katherine Clarke | August 26, 2013 06:06PM

Developer Charles Dunne, the pharmaceutical guru-turned-developer behind the 33 Vestry Street condominiums, has filed plans for another boutique residential project in Tribeca.

Dunne, who was previously a high-level executive at drug company ImClone, wants to convert an existing four-story parking garage at 24 Leonard Street, at the corner of West Broadway, into a nine-story, 37,650-square-foot development with just seven units, according to Department of Buildings records spotted by BuzzBuzzHome.

His partners on the project are John Berton and Jarrett Posner, the latter of whom was formerly married to Elana Waksal Posner, the daughter of ImClone founder Sam Waksal. (Sam Waksal served almost six years in federal prison on insider trading charges in a case that also ensnared Martha Stewart. He was released in 2009.)

Dunne paid $25 million for the parking facility in October 2012, city property records show, and plans to plough $15 million into its conversion. It’s just a block away from 56 Leonard, the Jenga-like condo tower developed by Alexico Group and Hines that has set a new standard for luxury prices in the area. Dunne did not immediately respond to a request for comment.

It seems the executive has not lost his taste for wacky design. He has tapped architecture firm BKSK Architects, the company behind the asymmetrical Jerusalem limestone façade of 25 Bond Street, to design the Leonard Street property, according to DOB records, although the company’s vision for the project was not clear. A spokesperson for BKSK was not available for comment.

At 33 Vestry, architect Winka Dubbledum designed an unusual façade comprised of panels of translucent stone, glass and metal placed at intervals. Susan Green and Brett Miles of Town Residential handled sales at the project.

With just seven units spread over nearly 38,000 square feet, Dunne’s new condos will likely have large, family-size units, the market for which has been strong in recent months.

The median price per square foot for a Tribeca apartment is $2,039 per square foot, according to StreetEasy, but that price jumps to $2,622 per square foot for apartments with four bedrooms or more. The median price for a four-bedroom apartment in the neighborhood is $8.5 million.