The Real Deal New York

Ponte Equities bought 15 condos at Related’s 70 Vestry Street. But what will the firm do with them?

Deal, part of offering plan, totals $37M
By Mary Diduch | February 22, 2019 02:30PM

70 Vestry Street and Anthony Ponte (Credit: Twitter)

Related Company’s 70 Vestry Street luxury condominium just scored another high-profile sale. But this time the buyer is the site’s former landowner and one of Related’s partners.

The developer of the Tribeca luxury property has sold 15 residential units to Ponte Equities for about $36.7 million, which prices out to roughly $2.45 million per unit, according to a public document recorded this week with the city’s finance department. The units are spread out on floors three and six through 11.

Ponte Equities, a real estate firm run by the Ponte family that has a foothold in Tribeca, sold the site where the luxury condo now stands to Related in 2014 for $115 million. The two firms have partnered on other developments as well throughout the years, including a rental project at 261 Hudson Street.

A condo offering plan for the property from 2016 includes a clause that stems from Related’s acquisition of the property and allows the “prior property owner” to buy back some units, specifically the ones Ponte acquired. The units represent 23 percent of the residential space in the property, which has 46 condos.

What remains to be seen is what Ponte will do with the units. Ponte has not responded to inquiries about the deal, and Related declined to comment.

Meanwhile, the property has seen other notable sales of late.

Last month Formula One star Lewis Hamilton snagged a $40.7 million condo in the Robert A.M.-designed building. And in December, Italian telecom entrepreneur Silvio Scaglia bought the property’s $55 million penthouse, which previously had been listed for $65 million.

Even Related’s own chairman, Stephen Ross, wanted some space of his own in the 14-story property. He bought a fifth-floor condo for $6.9 million.

Correction: A prior version of this article said 261 Hudson Street was a condo project. It was originally planned as a condo, but became a rental project.