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Tribeca Warehouse Conversion to Feature $30 Million Penthouse

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Rumors of 250 West Street's rebirth have been greatly underestimated! The century-old Tribeca warehouse traded hands a couple of times a few years back and was on its way to becoming the neighborhood's next blockbuster luxury condo conversion, albeit with some controversy. The market thawed, the buyers defaulted, and the 11-story building went back into the hands of Plaza Hotel developer El-Ad Properties, whose website still says sales in the building will kick off in spring 2009. We'll blame that hiccup on the credit freeze, but now that the market has thawed a bit, we spied some work being done on the former office building. Yesterday a red carpet was unfurled outside, and we've received several reports about this mystery event. It was an open house for top brokers, and check out some of these juicy details.

Writes one Curbed correspondent, "El Ad held a cocktail party (2007 is back!) to showcase the building, which should be ready by end 2013. The whole building is being converted to condo with a 75ft pool and a $30m penthouse with its own private entry, elevator and garage!" Yowza. Another tipster fills in some more details, and offers a few thoughts:

Large entertaining space was setup with a bar, architectural drawings and layouts for viewing, and an architect working on a drawing of the building during the event. A model unit (3 Bed, 3.5 bath corner living room with highway and river views) was open for viewing. If what was open for viewing last night is to be the final product, then this project will see some trouble. Columns and small rooms make the layouts a little odd. I loved the master suite in the model unit though. It had a great changing room (looked like a locker room, ha). Cantor Pecorella is marketing the project with Stribling when it finally comes to market.A secretive kick-off party with multiple Curbed spies in attendance and a planned $30 million penthouse? 2007 is back!
· 250 West Street coverage [Curbed]