Related pays Ponte $115M for Tribeca site

Developer picks up parcels on West Street, Desbrosses Street

New York /
Mar.March 18, 2014 04:05 PM

Related Companies purchased a six-parcel development site in Tribeca from long-time owner, Ponte Equities, for $115.3 million.

The commercial and residential developer closed on the deal for 264-270 West Street and 33-35 Desbrosses Street last week, city records filed today show. The assemblage includes the location of the now-shuttered Ponte family restaurant that had an address of 39 Desbrosses Street.

The parcels comprise the western portion of the block bounded by West, Washington, Desbrosses and Vestry streets. The buildings have at least 171,769 square feet of development rights, according to data on PropertyShark. Insiders said the true air rights could be higher, however.

Related, whose CEO is Jeff Blau, signed the purchase contract in December 2013 and closed on it March 12, property records reveal. Related and Ponte did not immediately respond to a request for comment.

The area is undergoing a transformation in part because of the strength of the neighboring Soho and in part because of a rezoning just to the north in Hudson Square.

This is not the first deal the Pontes — one of the largest property owners in Tribeca — have struck with Related. The pair are building 460 Washington Street, a 10-story, 140,990-square-foot residential building, two blocks directly north.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
David Chang (Getty)
Momofuku Kāwi and Peach Mart close in Hudson Yards
Momofuku Kāwi and Peach Mart close in Hudson Yards
From left: Stephen Ross, Andrew Yang, Eric Adams, Kathryn Garcia and Shaun Donovan (Getty)
Real estate plots to prevent second de Blasio disaster
Real estate plots to prevent second de Blasio disaster
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
Vornado Realty Trust’s Steve Roth,  Daryl Roth and Related Companies CEO Stephen Ross (Getty)
Steven Roth’s wife bets $500K on McGuire for mayor
Steven Roth’s wife bets $500K on McGuire for mayor
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...