New York--The early-20th-century building at 250 West St. in Manhattan's Tribeca neighborhood is in the midst of being reborn as a luxury condominium development.
New York–The early-20th-century building at 250 West St. in Manhattan’s Tribeca neighborhood is in the midst of being reborn as a luxury condominium development. In an historic renovation endeavor, El-Ad Group is transforming the property, while maintaining its architectural significance, into 111 residences.
Developed in 1906, the 11-story brick building that will become home to the upscale condominiums sits in the heart of Tribeca, just across from the newly opened piers 25 and 26 at Hudson River Park. El-Ad took the asset off the hands of next-door neighbor Citigroup in June 2006, acquiring what was an office building at the time for $142 million in a short-term sale-leaseback deal.
GNA Architects is behind the design of the historic conversion endeavor, which will ultimately result in offerings ranging from loft-style residences to four-bedroom units, not to mention a one-of-a-kind 7,000 square-foot penthouse. El-Ad is not skimping on amenities. In addition to a 61-foot swimming pool, the property will feature a private library adjoining the lobby, a 5,000 square-foot terrace and a premier fitness facility. There will even be accommodations for the little ones, as a children’s playroom is part of the package.
While the Manhattan apartment market has come back with somewhat of a vengeance–a surge in white-collar jobs is buoying conditions and will likely drive vacancies down to 3.3 percent this year, as per a Marcus & Millichap Real Estate Investment Services report–the state of the condominium market is not quite as rosy.
El-Ad expects to welcome the first residents to 250 West St. in fall 2012.