TRIBECA

Condo residents ordered to remove “Hillary for President” sign from their window.

A condo board successfully sues a dishonest purchaser.

Apartment sellers should clear the air before closing on a sale.

A lower Broadway wreck is reborn as luxe condos.

Staples of New York City life are shuttered to make way for more luxury condos.

It rose on lower Broadway in the 19th century as headquarters for the New York Life Insurance Co. More recently it housed New York City Criminal Court. In 2013, this 13-story, 419,000-square-foot behemoth became the single largest building ever sold by the City of New York – for the princely sum of $160 million.

Now it’s being converted – shocker! – into luxury condos.

Miami-based Peebles Corp. has secured a $334 million construction loan from Bank of America to convert the structure – also known as the Clock Tower Building – into 151 condo apartments, plus a 7,210-square-foot communal facility and 2,200 square feet of commercial space, reports Commercial Observer. The conversion is being designed by Beyer Blinder Belle, with a penthouse apartment that will include the building’s iconic rooftop clock.

The building is a city landmark and is also on the National Register of Historic Places.

The city has filed a lawsuit against a glossy Tribeca condo tower, claiming its shoddy construction is causing sinkholes in a public school playground and adjacent dog run.

The builders and owners of 200 Chambers Street are at fault for sinkholes caused by “defective pile driving and sheet piling” during construction of the building, according to the suit filed in Manhattan Civil Court, as reported by DNAinfo. 

The city sold the property behind P.S. 234 to developer Jack Resnick & Sons in 2005. Sinkholes began appearing during construction, from 2005 to 2007. Repairs were made, but the problem recurred after Hurricane Sandy hit. The city says in its suit that it has made “repeated demands on the condo and the board” to fix the problem, without success. As for damages, the city is asking for “an amount to be determined at trial.”

Speaking of Tribeca, check out 5 Franklin Place. Work there is finally reaching the end, reports YIMBY. But it's what's on the inside that counts, and despite the outside showing "the cladding and window installation are complete, interior work appears to be ongoing." It shouldn't be long, however, for this 20-story building with 53 condominiums to be finalized. Wonder what the ticket price will be.

Photo of 5 Franklin Place by Tectonic

Despite it being in Tribeca, 149 Church Street isn't exactly memorable or remarkable. "With a bland façade featuring windows pockmarked by inefficient air conditioning units," writes YIMBY, "its demolition will usher in a brighter and more productive future for the lot, and while its use is still the same, 30 Warren will certainly be both denser and better than what existed before." That's right. It was so meh, that it's not just getting demolished to make way for new shiny condos. It's getting a new address: 30 Warren Street. According to YIMBY, "Cape Advisors is developing the site, while Post-Office Architectes is serving as the project’s design architect. The building will stand 12 floors tall, and will have 44,830 square feet of condominiums and 5,578 square feet of ground-floor retail [and] takes up the entire blockfront on Church between Warren and Chambers Streets." So, what do you think? The extruded elements, which YIMBY compares with 12 Warren Street, another condo rising just a block away, make the building look like a Jenga tower. But maybe that's just us. 

Rendering by Post-Office Architectes

It looks like a 154,000-square-foot luxury condo development is heading to Tribeca. Citing property records filed with the city early this week, The Real Deal reported that Related Cos. secured $200 million in funding from Bank of America for the development at 70 Vestry Street. "The Jeff Blau-led firm sealed two separate construction loans from the bank, valued at $161 million and $39 million, late last month. The funds will help Related develop the Tribeca site, which it acquired from Ponte Equities for $115 million last year," according to TRD. Unlike other developers who double their buildings' heights (or try to), there's been no move by Related to make the structure taller than 13 stories. No new renderings have surfaced since YIMBY got a first look in late July.