WATCH: A decade of work at 56 Leonard — in just over a minute

Penthouse 59 closed for $29M, leaving two units to sell

May.May 17, 2017 11:00 AM

It’s been a decade since Alexico Group began work at 56 Leonard, but a new time-lapse video released by the developer speeds up construction of the Jenga-like tower to just over a minute.

Recorded between March 2014 and December 2016, when the bulk of construction was completed, the video solidifies comparisons between the Tribeca condominium and the block-stacking game by broadcasting the floor-by-floor rise of its 60 stories. About halfway through the video, with the full 821-foot frame in place, orange construction netting comes down to make way for sheaths of glass that comprise the tower’s floor-to-ceiling windows.

What the video doesn’t show is Alexico’s arduous road to completing the 145-unit condo, where construction started in 2008 only to stall during the financial crisis. The firm, led by Izak Senbahar, brought on Hines as a partner in 2013. That year, the partners landed construction financing led by Bank of America and were able to re-start construction and launch sales.

According to sources, an anonymous buyer just paid $29 million for Penthouse 59, a full-floor unit with 5,852-square feet and two terraces totaling 900 square feet. The deal, which still hasn’t hit public records, works out to around $4,955 per square foot, slightly down from an asking price of $31.5 million. Penthouse 60, asking $47 million, is in contract, according to StreetEasy.

Closings at 56 Leonard began last year, and Alexico recently unveiled the building’s high-end amenity space, a 17,000-square-foot suite with a 75-foot pool and indoor-and-outdoor movie theater.

Earlier this year, an anonymous buyer paid more than $56 million to combine two full-floor condos on the 53rd and 54th floors into a massive 11,892-square-foot spread.

Others who’ve purchased in the building include Leon Shaulov, a former portfolio manager at the now-defunct Galleon Group, who paid $26.8 million for a penthouse.

According to the developer, 56 Leonard is nearly sold out with just two units remaining, a half-floor penthouse asking $17.75 million and one-bedroom priced at $3.175 million. So far, the developer has closed on 120 out of 145 condos at the building, where sales are being handled by Corcoran Sunshine Marketing Group.

A two-story steel sculpture by artist Anish Kapoor is set to be installed at the tower’s base this fall.

Related Articles

The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

These are the tallest towers underway in NYC

These are the tallest towers underway
in NYC

A new competition asks what would houses on Mars look like (Credit: Getty Images, Pixabay)

Architecture’s final frontier: Here’s what houses on Mars might look like

Richard Neutra’s Lovell House in LA, in need of TLC, invites buyers in

Richard Neutra’s Lovell House in LA, in need of TLC, invites buyers in

From left: Adamson Associates' Alan Tearle, Handel Architects' Gary Handel, Aufgang Architects' Ariel Aufgang (Credit: Getty Images, iStock, Adamson, Aufgang)

These architects designed the most new dev in NYC this year

A rendering of Two Trees' Williamsburg project designed by Bjarke Ingels (Credit: BIG)

New York’s most buzzworthy designs of 2019

Stanford White

The great works and untimely death of New York architect Stanford White

Clockwise from left: 56 Leonard Street, 15 Willow Street and 130 West 12th Street (Credit: Google Maps)

These are some of the most notable resi sales in NYC this week