The Peebles Corporation — one of the nation’s largest African-American-owned development firms — is making moves in New York City with four active projects, the New York Times reported. One of them is the repositioning of 346 Broadway in Tribeca, where the company is in the midst of selecting an architect and other pre-development design work.
The $350 million restoration of this roughly 400,000-square-foot building will bring condominium units, and potentially some hotel rooms, as previously reported. Prices for the condos will start at about $1,500 to $1,600 per square foot and go upwards of $3,000 per square foot, Don Peebles, chairman and CEO of the eponymous firm, told the Times.
Peebles Corporation was slated to pay $160 million for the site, which was being used by the New York City Criminal Court, according to previous reports.
Peebles Corporation is also negotiating a 600,000-square-foot ground-up development in Queens, though the specifics were not disclosed, and is working on nabbing a site Downtown that would also yield ground-up development. [NYT] —Zachary Kussin