After years of delays, 56 Leonard can now begin closings

Construction began in 2007 and sales launched in 2013

TRD New York /
May.May 11, 2016 02:37 PM

More than three years after sales launched, buyers at 56 Leonard can finally close on their units at the Tribeca condominium, the developers said Wednesday.

The building was granted a temporary certificate of occupancy by the Departments of Buildings earlier this month, paving the way for the milestone.

Construction on the glass-stacked tower, developed by Alexico Group and Hines, started in 2007 only to endure delays during the financial crisis. Sales launched in March 2013.

Today, the Herzog & de Meuron-designed tower is nearly sold out, with two penthouses left for sale, according to the developers. PH 52B, measuring 3,709 square feet, is asking $17.75 million. PH 58, spanning 5,489 square feet, is asking $34.5 million.

Alexico – which paid $136.5 million for the site, which is located at the intersection of Church and Leonard Streets — started construction on 56 LeonardTRData LogoTINY nearly a decade ago. The project stalled during the recession but after bringing on Hines as a partner in 2013, Alexico scored a $350 million construction loan from Bank of America.

Within a month of the sales launch in 2013, 50 percent of the units were in contract for a reported $450 million. The 60-story, Jenga-like tower topped out in 2015.

Currently, the 145-unit tower has 142 units under contract for a total of $1.12 billion, according to listings portal On-Line Residential. The average sale price is $3,253 per foot.

The ninth and 10th floors have a combined 17,000 square feet of amenity space, including a sun deck, library, 25-seat theater, Private Dining Room And Terrace. Artist Anish Kapoor created a two-story, 40-ton steel sculpture that will sit at the base of the tower, and is scheduled to be installed this fall.

Corcoran Sunshine Marketing Group is handling sales and marketing.


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