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Tribeca Building Ensnared by Sidewalk Shed of Terror

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A panicked tipster writes:

There is scaffold going up around 365 Broadway. I think they are going to demolish this very old building. I don't think it's a landmark. Used to be HQ of Paper Magazine. It once housed the fanciest restaurant in New York, but that was about 5 generations of plutocrats ago. The building has been gutted from the inside and has been empty for many months now. Over a year, if I'm not mistaken. Doesn't look like they want to save it. It is next door to stalled 5 Franklin Place. My guess is the two lots combined will make for a much nicer development parcel.The building does fall just outside the borders of the Tribeca East Historic District, so we understand our tipster's fears. However, it seems like a date with the wrecking ball is not what's in store for this cream-colored Broadway treat.
According to property records, the six-story commercial building was sold in 2007 for a $32 million. Given the hefty price, it might make sense as a tear-down with a new and taller residential tower planned, even if that similar strategy isn't going so well next door at Five Franklin. However, in January the Buildings Department approved a permit to alter the second through sixth floors with the goal of turning 365 Broadway into a 20-unit residential building. Interesting!

The architect of record is Vincents Associates Architects of Great Neck, and a "previous applicant" listed on the permit is architect Ira Benlevi, who?because this story needed one more twist?was once arrested for bribing a building inspector. A partial stop work order has been issued for work being done on the cellar and first floors, so clearly palms aren't getting greased on this one. Will this block of Broadway finally get some new places to call home?
· Application Details: 365 Broadway [DOB]

365 Broadway

365 Broadway, New York, NY 10013