The Real Deal New York

Silvera Properties buys Tribeca site for $25M

Hamptons developer plans resi conversion of Leonard Street and West Broadway properties
By Eddie Small and Mark Maurer | July 11, 2018 05:07PM

29-31 Leonard Street

Silvera Properties, a Hamptons homebuilder, has purchased a collection of three Tribeca buildings for $24.5 million, according to sources familiar with the deal.

The sites at 29-31 Leonard Street and 198 West Broadway span 29,500 square feet and come with no additional square footage, as they are already overbuilt.

The seller is Transit Trading Corporation, a spices importer that has owned 198 West Broadway since the 1970s and has since vacated the property.

David Silvera’s firm intends to do a residential conversion on the property, and the current tenants have already left, according to sources familiar with the deal. The buildings cannot be demolished because they are part of the Tribeca West Historic District.

A JLL team led by Glenn Tolchin, Yoav Oelsner and Anthony Ledesma represented the seller. They declined to comment on the deal.

Transit Trading Corporation and Silvera did not respond to requests for comment.

Silvera is also developing a 28,000-square-foot rental building at 106 South Street at the South Street Seaport.