Huge condos coming to small Leonard Street lot

Developer Charles Dunne is planning a boutique residential project

TRD New York /
Aug.August 26, 2013 06:06 PM

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.


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Governor Andrew Cuomo and Mayor Bill de Blasio (Credit: Getty Images)

City, state trade blame for NYC’s “broken” property tax system

Daily Digest Thursday

City Council sets sights on housing and land use, details emerge of WeWork’s ties to the Kabbalah Centre: Daily digest

From left: 254 Water Street, 45-01 Northern Boulevard and 34-08 46th Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

(Illustration by Andrew Colin Beck)

How much are NYC hotels hurting?

Home foreclosures dropped nearly 20% in Q3, report shows

arrow_forward_ios