The sale of 346 Broadway, which currently houses the New York City Criminal Court, closed yesterday after the city reached an agreement to not move the Summons Court to 71 Thomas Street. The Miami-based Peebles Corporation, in their first New York City acquisition, paid the city $160 million for the landmarked 13-story, 400,000-square-foot building and they're already getting down to business, announcing that they have enlisted Elad Group as a partner. Elad is most famous for owning The Plaza, which they renovated and partially converted into condos in 2005. 346 Broadway promises to be a similar kind of project, as it also has a hotel component and is landmarked. Peebles and Elad are investing $100 million of the $400 or so million that the project will cost.
Current plans call for 50 to 100 hotel rooms and 100 to 140 condo units. Don Peebles, CEO of the Peebles Corporation, has previously stated that there will be "15,000 square feet of community space for visual arts and community arts" on the ground floor of the building, in lieu of affordable housing. The city will evacuate the building in May, after which interior demolition will begin, with sales beginning later that year and the opening date pegged for sometime in 2016. An architect has yet to be announced.
· Peebles, Elad partner on $400M Tribeca restoration [The Real Deal]
· 346 Broadway coverage [Curbed]