Related pays Ponte $115M for Tribeca site

Developer picks up parcels on West Street, Desbrosses Street
By Adam Pincus | March 18, 2014 04:05PM

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.