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Tribeca Wino 34 Leonard Will Hit Auction Block Next Month

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]

34 Leonard Street

34 Leonard Street, New York, NY 10013