First details have emerged about what's coming to the site of former Ponte's Restaurant in Tribeca which, along with five other neighboring parcels, was snagged by Related Companies from Ponte Equities for $115.3 million earlier in the year. The Real Deal reports that the developer is bringing a 152,000-square-foot residential building with about 46 condos to the site that will take the address of 268 West Street. To make room for the new construction, the existing structures at 33 and 35 Desbrosses Street and 264 and 268 West Street will be demolished. TRD also reports that demolition permits have been filed for 270 West Street.
Related snagged the massive downtown haul with about 171,769-square-feet of development rights from Ponte Equities in March. The land includes the site of the family's former neighborhood eatery Ponte's Restaurant. Apparently the family is giving up the restaurant biz to concentrate on real estate; TRD says the Ponte family owns some 30 Tribeca properties that they've been purchasing since the 1960's, and are working to expand their portfolio. Related and Ponte are currently partnering on developing a nearby 10-story residential building at 460 Washington Street. The project at 268 West Street is expected to be complete in 2017 with sales launching next year.
· Related to build nearly 50 condos at Tribeca development site [TRD]
· All Ponte Equities coverage [Curbed]