Yet Another Big Ponte Development?

July 19, 2013 Real Estate

pontes buildingsDoes the Ponte family have a bunch of kids entering college or something? Because after having been mainly dormant for however many decades, it’s on a development tear. Besides 460 Washington (a partnership with Related that’s likely rentals), the renovations at 502 Canal, and the drilling at 454-456 Greenwich/445 Washington, I now hear that the building that formerly housed Ponte’s restaurant—closed for renovation, relocation, or good—is being developed. As you can sort of see from the photo above (courtesy Google Maps), the plot is potentially a half block, stretching from Desbrosses to Vestry, depending on which buildings are included. The smart bet—Ponte’s tends to go big—is that they’ll all be in play. From the north:

••• 270 West/39 Desbrosses (Ponte’s)
••• 268 West
••• 266 West (Chandler Auto Repair)
••• 264 West (Allegro Moving Systems)

As always, if you know anything, let me know at 917-209-6473 or tribecacitizen@gmail.com. Anonymity is guaranteed.

UDPATE 7/20: I’m not sure I can adequately explain why my brain stopped where it did here, but last night, I woke up in the middle of the night and realized that this development could take the entire block, à la Truffles. See the photo (at the bottom of the post) of the northwest corner of Washington and Vestry. All the more reason to read Rohin’s comment below.

UPDATE 7/22: The “cash only” / “no monthly” sign at the garage at 432 Washington sure makes it seem like it’s not going to be around for long.

432 washington garage cash only

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5 Comments

  1. Rohin
    July 19, 2013 • 9:56 am

    Hi Erik,

    I wish the city would revisit the “100 year lease” as unfortunately it seems to be transforming our little NW Corner of Tribeca in a manner which leaves much to be desired.

    All for development in this city and realize this is an inevitable right of passage, however I wish the developers had more financial incentive to build nicer structures which are more in tune with the surrounding buildings in the neighborhood and not these ugly “Cheap as we can make it” Grey concrete slab ‘masterpieces’ (Hint: Truffles I am talking about you)

    The 100 year lease allows Ponte to dodge a capital gains tax and gives the lessees little financial incentive to build buildings which they can be proud of. They’re just trying to maximize their profits for the 100 year period.

    A sad state of affairs… I wish the Pontes would be more engaged with the community and help steer things in a more positive direction, hopefully understanding that the existing architecture is what raised the value of their land in the first place.

  2. McGee
    July 20, 2013 • 10:29 am

    I had the exact same concerns about the entire block when I saw your original post. Is the small building on the SW corner at Washington and Vestry landmarked?

  3. michael
    July 22, 2013 • 7:18 am

    we live on laight & west so all this is just around the corner. cannot decide if it’s a good thing or a bad thing……

  4. Rohin
    July 22, 2013 • 4:39 pm

    Michael,

    Unfortunately based on recent history of Ponte land developments, I would gather this is not going to be a particularly good thing but I hope to be proven wrong…

    The last full block development was Truffles… eek… ‘ nuff said.

    – Ro

  5. Ariane
    July 22, 2013 • 4:50 pm

    They would be hard pressed to make an building uglier than Truffles…it is an eye sore to say the least.