Is This Parking Lot the Next to Go?

November 9, 2015 Real Estate

“It looks like another parking lot is about to bite the dust,” commented Terry. “The lot at the [southeast] corner of Broadway and Lispenard has drilling equipment testing the ground and there are paint markers on the asphalt that look like possible drill sites. I think this testing to find the quality of the earth underneath and that will determine the height they can build.”

There’s nothing on the Department of Buildings site yet for 411-413 Broadway, but given that all parking lots (and buildings three stories or smaller) are on the endangered list and the hot real-estate market on Broadway, it would hardly come as a surprise if someone* had plans to build there.

(*Streeteasy lists the owner as 411-413 Broadway, LLC.)

UPDATE: Thanks once again to James for doing the research that I should’ve done: From a bio on Eastern Consolidated’s website, he found this:

Michael R. Levine is a Director in the Investment Sales Division at Eastern Consolidated, specializing in the sales and acquisition of all commercial property types with an emphasis on mixed-use buildings and development sites. His significant deals include negotiating a joint venture between a prominent New York City developer and the long-term owner of one of Tribeca’s last remaining vacant lots, 411-413 Broadway aka 64-68 Lispenard Street, where the partners plan to build a 50,000-square-foot, mixed-use project….”

James says that 50,000 square feet is roughly the 8,500 SF x FAR of 6.

UPDATE #2: Josh reminds us that the lot is in the Tribeca East Historic District (map below), which means any design must be approved by the Landmarks Preservation Commission.

Tribeca East Historic District mapTop photo courtesy Google Maps.

 
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7 Comments

  1. morris greeley
    November 9, 2015 • 7:34 pm

    just a follow-up on the j&r story from last year– you did a terrific job of reporting and sussing out who was being truthful and who wasn’t… Thanks again! Park Row is fab!

    Reply
  2. James
    November 9, 2015 • 9:11 pm

    “Michael R. Levine is a Director in the Investment Sales Division at Eastern Consolidated, specializing in the sales and acquisition of all commercial property types with an emphasis on mixed-use buildings and development sites.

    “His significant deals include negotiating a joint venture between a prominent New York City developer and the long-term owner of one of Tribeca’s last remaining vacant lots, 411-413 Broadway aka 64-68 Lispenard Street, where the partners plan to build a 50,000-square-foot, mixed-use project”

    http://www.easternconsolidated.com/people/michael-r-levine

    50,000 SF is roughly the 8,500 SF x FAR of 6.

    Reply
  3. Josh
    November 10, 2015 • 10:32 am

    I’m very interested in this project. Isn’t this site landmarked? I can not find anything else about it on the internet. Does anyone else know anything?

    Reply
  4. Jane Slavin
    November 12, 2015 • 10:36 am

    Joanie Mitchell’s song — “They paved paradise and put up a parking lot….You don’t know what you’ve got til it’s gone.” Um, why are people getting so exorcised about this? Have parking lots become the new paradise to be preserved against development. Well, I suppose if an actual building would block one’s views … So the Landmark Preservation Commission gets involved, not preserving Penn Station or a gorgeous post-Civil War building but a parking lot.

    Reply
  5. TG
    November 12, 2015 • 4:48 pm

    Joni Mitchell.
    It’s about a changing landscape Jane. Some people are attached to a TriBeCa, to a city for that matter, that no longer exists.
    This glut of overbuilding is unfortunate but well underway. Many of these new buildings are dim in design and beauty compared to their old stone, and brick and cast iron neighbors.
    The creativity and commerce that used to be on the southern stretch of Broadway is gone without a trace as well. Ah, well, progress in the name of the all-cash-buyer!

    Reply

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