"Ideal redevelopment opportunity" though it may be, no one's leaped to purchase 372 Broadway, a five-story, c. 1852 Tribeca building. Current owner Abraham Leser and Partners spent $9.5 million on the property in 2005 with plans for a condo conversion, but the economic crash quickly put a stop to that. The building hit the market in August for $11.5 million, but it just got chopped down to $10.6M.
Never a pretty sight to see, but the chop isn't entirely a surprise. According to Department of Finance records, Team Leser now owes nearly $200,000 in property taxes, which might be lending some urgency to the sales process. The neighbor might not help with luring buyers, either. While the building waits for a buyer, work is underway on-site to reinforce the structure.
· 372 Broadway [StreetEasy]
· Tribeca's Most Forlorn Getting Salvaged at 372 Broadway [StreetEasy]