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Developer Finds Replacement to Take Care of Tribeca Twins

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Developer Alvaro Arranz has taken a low-key approach to the remake of the warehouse and parking garage he purchased at 201 Washington Street, aka 71 Laight Street, in 2007. First he hired architect Morris Adjmi to design a residential building that looked exactly like the existing warehouse, just made out of aluminum. Then, after a construction freeze, he decided to put the property back on the market for more than the $57 million he paid for it. And things have worked out exactly as Arranz hoped: Taconic Investment Partners has purchased the site for $65 million, Crain's reports. The plan?the sale will close in May or June?is still for 30 to 40 units, and the Landmarks Preservation Commission has already given the thumbs-up to the Adjmi design, so we may see that metal warehouse replica regardless.
· Downtown development site fetches $65M [Crain's]
· 71 Laight Street coverage [Curbed]