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Developer Wants Someone Else to Raise His Tribeca Twins

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Developer Alvaro Arranz purchased an old warehouse and parking garage at 401 Washington Street, aka 71 Laight Street, in 2007, but he didn't want to shake Tribeca up too much. Or so we assume, because he had architect Morris Adjmi design a building (right) for the garage site that would be an exact likeness of the warehouse next door, except that it would be made out of aluminum and have 32 condos inside. But construction soon froze. There's finally a thaw, of sorts. The developer now wants another developer to pick up the site for $65 million and finish putting up Adjmi's design. Hey, we get it?it's always easier to have someone else do it. The building's broker tells The Real Deal the developer is just testing whether the market has improved enough to sell the building. The condos would eventually hit the market for $1,900 to $1,950/square foot.
· Tribeca's twin condos seek new developer [Real Deal]
· 71 Laight Street [Curbed]