The Real Deal New York

Lights, camera, sale! Tribeca Film building in contract for $90M

Vanbarton Group plans to redevelop 17 Laight Street
August 03, 2016 08:00AM

17 Laight Street (inset: Richard Coles and Zach Vella)

17 Laight Street (inset: Richard Coles and Zach Vella)

It’s a wrap! The former home of the Tribeca Film Festival has found a buyer for $90 million.

Richard Coles and Gary Tischler’s Vanbarton Group is in contract at 17 Laight Street, an 115,000-square-foot, six-story mixed-use property at the corner of Varick and Laight streets.

Vanbarton TRData LogoTINY intends to redevelop the property into a mixed-use office, retail and lifestyle facility, the New York Post reported.

The sellers, Florida-based investment firm WhiteStar Advisors along with development firm VE Equities, headed by Zach Vella and Justin Ehrlich, paid $56 million for the former warehouse at the end of 2012 from Mazda Realty Associates, and subsequently bought out the office tenants, including Tribeca Film, which received $2.8 million in June 2016.

The building’s been on and off the market since 2014, when the owners shopped it around for $105 million. When Whitestar bought the property, it intended to repurpose the building as condos, sources said at the time. [NYP]E.B. Solomont