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Developer is 90% Sure That 56 Leonard Will 100% Happen

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With the building boom over, what to make of Tribeca's 56 Leonard Street?a sales office so glorious, a construction site so seemingly stalled? For answers, we turn to the Downtown Express, which got some information out of 56 Leonard developer Izak Senbahar of the Alexico Group. According to Senbahar, workers finished the 56 Leonard foundation about a month ago, and Con Ed is currently doing underground work, which will take until the end of January. Hence, the abandoned-looking construction site. But that's not the whole story, unfortunately:

But Senbahar also needs to get the last chunk of the $600 million project’s construction financing before work can move forward. The bank Eurohypo is supposed to provide it, and Senbahar said he is 90 percent sure it will come through in four to six weeks. If the money takes any longer to arrive, 56 Leonard’s December 2010 opening will not happen.On the bright side, sales in the 145-unit stack of glass cubes are in the "double digits" even two (three? four? 100?) years out. However, none of the 10 ultra-expensive penthouses in the 57-story Herzog & de Meuron have found buyers.
· Jenga collapse? [Under Cover/Downtown Express]
· Is 56 Leonard Slipping Into a Deep Coma? [Curbed]
· 56 Leonard Street [Official Site]

56 Leonard St

56 Leonard Street, Manhattan, NY 10013