The Tribeca 5 condo conversion planned for 283 West Broadway went bankrupt well into the construction process. It languished in its not-quite-finished state for months before drug rehab kingpins Hazelden started circling around the property. Hazelden bought it for about $8.3 million, and now the big day is almost here: the luxury condo that would have been will reopen soon?the first five residents will move in this month?as Tribeca Twelve, a drug rehab center for young adults.
Hazelden needed to make some changes to the building?a new facade, repairs to two water-damaged floors of apartments, and different interior design. But the apartments at Tribeca 5 were once asking between $2.4 million and $3.8 million, and the luxury finishes one might expect with that pricing remain in its rehab center incarnation: hardwood floors, marble bathrooms, fireplaces in the living rooms. The program costs $5,000 to $5,500/month, which is also about what we'd expect for a luxury rental in the neighborhood.
· Failed Tribeca Condo Building Goes to Rehab [Curbed]
· A Shiny Failure, Reborn as a Rehab Center [NYT]