6/28/12 • Real Estate
This came in yesterday from someone who lives in northwest Tribeca: It’s the Department of Buildings paperwork for the new building going up at 460 Washington (at the northwest corner of Watts, and going through to West Street), filed just last week. That’s the plot—three plots, I suppose, since it incorporates 456 Washington and 281 West—where a beloved relic (above right), a less-loved warehouse (above left), and an already closed parking lot (right) currently exist. We’ve known for a while that something was coming—and that the existing buildings were unlikely to survive—and now we have a clearer idea.
What can be gleaned from the DOB filing:
••• It’ll be 10 stories, with 107 units total. According to Schedule A [PDF] the ground floor will have one apartment (for the super?), bike storage, “amenity spaces,” and parking; floors 2-6 will have 16 apartments; floors 7-8 will have 7 apartments; and floors 9-10 will have 6 apartments.
••• The ground floor will include retail.
••• There will be 25 parking spaces. Math time! 107 units + 25 parking spaces – a parking lot = more difficult street parking.
••• The “No yards” box is checked, so presumably this means that the building comes right up to the property line…?
••• The architect is Ismael Leyva Architects. He most recently popped up in Tribeca-related news in regard to 19 Park Place. According to his website, he also designed the floor plans of 101 Warren and Riverhouse and worked in some capacity on Tribeca Green.
••• The developer is Related, which also has Tribeca Green, Tribeca Park, Tribeca Tower, and 89 Murray in its portfolio. From my source (and I have not verified it): “In general Related tends to make very nice rental buildings—I have a few friends who just stick to Related properties, especially as it is very easy to give up a lease in one Related property and move to another (no fees or charges for breaking leases). Although the real problem is the Ponte insistence [Ponte Equities owns the land] on 100-year leases which means that there is less time for builders to recover their investment—which of course means less focus on higher-quality builds. As a comparison take a look at the two VE Equities properties [471 Washington and 290 West] and the Arman building [482 Greenwich]. They own their land and can spend the money because they hope to recoup it in terms of high price sales. [...] The 100-year lease is to avoid long term capital gains—which I assume would be huge—so not a sale, but a lease… for 100 years… no tax… and basically almost a sale.”
••• Also from my source: “The good news: It’s poured concrete and not the cheapest concrete (precast) option like Truffles—which means build quality appearance and standards should be better. That is just my guess—but I know for a fact that poured is definitely more expensive than pre-cast.”
I called Ismael Leyva Architects to see if a rendering existed, and the answer was not yet. I left a message for Related’s media relations folks, who have not responded.
If anyone out there has more experience with these documents and can therefore deduce more than I have—or who simply knows more about the project—email email@example.com.
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