The former industrial building at 12-14 Warren Street was a recession victim: owner Renta Corporación Real Estate SA forfeited its deposit on the building when the credit crunch hit, and the building went into foreclosure with a mortgage balance of $26 million. Ouch. But it worked out to the benefit of DDG Partners, developer of Curbed obsession 41 Bond and the forthcoming 345 West 14th Street. DDG has purchased the building, once a printing factory, for $14.8 million and has plans to take it condo.
There's an air rights sale in progress that could allow for a 50,000 or 60,000-square-foot, 15-story condo, and DDG CEO Joseph McMillan tells Crain's the idea is for "large units comparable to 41 Bond St." We hereby register our approval.
· Developer grabs Tribeca site at 43% off [Crain's]
· 12 Warren Street coverage [Curbed]