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Related to build nearly 50 condos at Tribeca development site
Residential building is firm’s second deal to come from relationship with Ponte family
The Related Companies’ Tribeca project at the site of the former Ponte family restaurant will be a 152,000 square-foot condominium building with approximately 46 units at 268 West Street, a company spokesperson told The Real Deal.
Related paid the Ponte family $115 million earlier this year for a six-parcel development site on West Street between Desbrosses and Vestry streets, The Real Deal previously reported. The city has approved plans to demolish four buildings on the site, 33 And 35 Desbrosses Street and 264 and 268 West Street, city records filed today show. Permits have also been filed to demolish 270 West Street.
The company expects sales to begin next year. The project is scheduled for completion in early 2017. No commercial space is planned at the building.
The Pontes also leased land across the street from the site to Jack Parker Corporation for the 15-story, 290-unit Truffles Tribeca building at 34 Desbrosses, which opened in 2009. In addition, Related and the Pontes are also building a 10-story, 140,900-square-foot residential building two blocks north at 460 Washington Street. The family only recently began selling and developing its portfolio of at least 30 Tribeca area properties it began purchasing in the 1960s.