In the News: 250 West

By Marilyn K. Yee (courtesy the New York Times)

••• “The El Ad Group, which was behind […] the conversion of the Plaza Hotel, has unveiled its first new condominium in New York since sales at the Plaza started in 2006. The condo, called 250 West Street [right], will have 111 units in a renovated 11-story warehouse on a lot that stretches a full block from West to Washington Street in Tribeca. Those units, which are to be completed by fall 2012, will range from a 1,250-square-foot studio to a 5,000-square-foot four-bedroom, as well as a penthouse that will have its own garage and elevator, said Tom Elliott, a vice president of El Ad […]. Prices have not been officially set [but] Mr. Elliott said he expected that apartments would be listed for $2 million to $10 million, or an average of about $1,500 a square foot. The building, which was built in 1906 but in later years installed cubicles to become a Citigroup office, will also have a fitness center, a shared roof deck and a 61-foot indoor pool.” (New York Times)

••• Libraries face budget cuts. (Broadsheet Daily)

••• “Chances are you think this is the first you’ve heard of 177 Franklin Street, a 12,000 square foot loft building in Tribeca that’s marketing itself as either a single family home or three unit conversion. Well, you’d be wrong because this is the same building that applied to get a massive six-foot crucifix affixed to the facade back in 2009. Well, obviously that didn’t work out since community boards aren’t typically in favor of that kind of thing on landmarks. Usually. The property traded for $11.5M in 2008 and is back on the market for $18,000,000 with a special website dedicated to it.” (Curbed)

••• “Facing a heavy debt load on the giant Independence Plaza apartment complex, landlord Larry Gluck has turned to Vornado Realty Trust to help escape his troubles at the Tribeca property, according to people familiar with the matter. Vornado, one of the country’s largest retail and office building owners, struck a deal with Mr. Gluck’s Stellar Management to recapitalize the property, buying at a discount $185 million in junior debt, the people said.” (Wall Street Journal)

••• Plein Sud chef Ed Cotton says he plans to someday open a West Village restaurant named Alfonsina, after his grandmother. (Brick Underground, via Eater)

••• “Parents fighting a city plan to send students to Chinatown claim it will hurt the area’s development.” (DNAinfo)

••• “Did the unique buyer get played in 90 Franklin Street loft sale?” (Manhattan Loft Guy)

••• “Police are asking for help in their search for a 75-year-old woman last seen at her home on Harrison Street two days ago. Mildred Cavallo has been missing since around 3:00 p.m. on Wednesday, police said. Cavallo is described of approximately 5-foot 8-inches tall and 106 pounds. She is described as being in poor physical condition […].” (DNAinfo)


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