Pink Stone Capital’s long-awaited development at 111 Washington Street near the World Trade Center is in flux after the developer once again placed the property on the market – only eight months after filing plans for a 51-story residential tower.
Midtown-based Pink Stone, led by Richard Ohebshalom, has yet again enlisted Cushman & Wakefield’s Bob Knakal to market 111 Washington Street, which was expected to house a 51-story rental tower holding 429 apartments across roughly 340,000 square feet.
Pink Stone acquired the parcel in a $57.5 million distressed note purchase in 2011, eventually taking on 200,000 square feet of air rights before hiring Knakal to market the property for $260 million last year. But any sale seemed to be off the table after Pink Stone filed its own plans for a residential building on the site last December.
Though it’s not clear if Pink Stone has scrapped its Gary Handel-designed plans for the property, a sale could net the developer up to $300 million, according to the New York Daily News. [NYDN] – Rey Mashayekhi