Transit Trading Has Left Tribeca

The Real Deal reports that the Transit Trading Corporation—source of the lovely aroma of spices all along W. Broadway—has sold 29-31 Leonard and 198 W. Broadway and “vacated the property.” (29-31 Leonard is the seven-story building pictured above; 198 W. Broadway is the one-story building below. And the Square Diner is not part of either parcel.) The buyer is Silvera Properties, which is known for building bloated houses in the Hamptons; the price was $24.5 million. “David Silvera’s firm intends to do a residential conversion,” says the Real Deal. “The sites […] span 29,500 square feet and come with no additional square footage, as they are already overbuilt.”

It’ll be interesting to see what comes of the W. Broadway building…. Retail is one possibility, as is the entrance to a maisonette (possibly the most lucrative use of the rear lower floors of 29-31 Leonard). Of course, if Silvera could persuade Square Diner to sell, it would have much more flexibility….

 

3 Comments

  1. They may gain flexibility just from buying the air rights over Square Diner, depending on the overbuilding and other zoning considerations.

  2. RIP Square Diner

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