Peebles’ efforts to silence landmarked clocktower at 108 Leonard foiled

Judge revokes LPC’s certificate of appropriateness to electrify clock’s inner workings

TRD New York /
Apr.April 01, 2016 10:31 AM

For whom the bells toll: Don Peebles’ Peebles Corp. and Israel-based Elad Group.

A judge ruled Thursday that the developers cannot electrify the inner workings of a landmarked clock as part of their condominium conversion of 13-story 108 Leonard Street in Tribeca.

After going through the Landmarks Preservation Commission approval process last year, the developers were granted a certificate of appropriateness to convert the clock tower into a private residence.

Marvin Schneider restored the E. Howard & Company, four-faced clock in 1980 and was tasked as the city’s official clock master to rewind its hands, the New York Times reported. The certificate of appropriateness would have allowed the electrification of the clock thus no need for Schneider to come into the private apartment to wind it, the newspaper reported.

Miami-based Peebles acquired the 419,000-square-foot building – the single largest building ever sold by the City of New York – for $160 million in December 2013.

The building at 108 Leonard Street, Which Also Has The Address 346 Broadway, will have 151 new residential condo units set across 364,000 square feet of residential space, according to filings with the city’s Department of Buildings.

In January, Peebles was close to sealing a $334 million construction loan from Bank of America for the conversion.

In September, Peebles was sued by a former collaborator, Daniel Hoeg, who claimed that the developer reneged on joint venture agreement the two parties allegedly made in 2012 to pursue city projects, ultimately including 370 Jay Street in Downtown Brooklyn, 346 Broadway in Tribeca and others. Peebles Corp. countersued Hoeg in February. [NYT]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
The Strand Bookstore and store owner Nancy Bass Wyden (Credit: Getty Images)

Over owner’s protests, city landmarks Strand bookstore

Revamped design for 550 Madison receives Landmarks’ approval

Revamped design for 550 Madison receives Landmarks’ approval

The Top 10 preservation fights of 2018

The Top 10 preservation fights of 2018

From left: Ben Carson and Grant Cardone

Opportunity Zones, luxury residential pricing, the diversity dilemma and more at TRD Miami’s Showcase & Forum

Don Peebles

Minority real estate professionals still fight racial and gender barriers: TRD Miami Showcase & Forum

From left: The El Ad Group's Isaac Tshuva, 108 Leonard Street and the Peebles Organization's Don Peebles (Credit: Delek Group, Google Maps, and Peebles Corporation)

El Ad, Peebles land $450M condo inventory loan for Tribeca’s Clock Tower conversion

A court case could kill plans for a $21M penthouse at the Clock Tower building

A court case could kill plans for a $21M penthouse at the Clock Tower building

Edgardo Defortuna joins Peebles, Stern, Karmely and Karp for Future City 2019

Edgardo Defortuna joins Peebles, Stern, Karmely and Karp for Future City 2019

arrow_forward_ios