Like much of Tribeca new development, 34 Leonard has been filed under "troubled" for some time now. Despite total amenity overdrive in the form of an in-house sommelier and room for 300 bottles of wine in each apartment, the 16-unit co-op conversion had a hard time ramping up sales. Then the building fell into foreclosure. And now, Crain's reports, it's headed for auction on May 5. Developer R Squared defaulted on a $37.5 million loan for the property. But, in a bit of good news for potential buyers, the building, which was on the market for around $1,600/square foot, was actually completed. Bets on how much it'll go for? We're guessing the offer for a free case of house-warming wine no longer applies.
· Auction looms for luxury Tribeca co-op building [Crain's]
· 34 Leonard coverage [Curbed]