Developers of Tribeca’s iconic Clocktower Building, the Elad Group and the Peebles Corporation, have settled their legal woes, after the two firms both accused the other of trying to sabotage the project, and are now moving forward with plans to convert the historic building into fancy condos. A new teaser site along with a never-before-seen rendering has surfaced for the conversion project, giving an idea of what’s to be expected, once transformed.
Given the building is landmarked, there isn’t a lot of room for drastic changes. The facade rendering reveals that the design doesn’t deviate much from the building’s original allure and focuses on enhancing what’s already in place. Though the building is located at 346 Broadway, once converted, it will assume 108 Leonard as its name and address.
Back in 2013, the developers purchased the former New York Life Insurance Company Building for $160 million with plans to convert the McKim, Mead & White-designed landmark into 151 luxury condos and a triplex penthouse. After running into some pushback from preservationists over plans to electrify the clock, developers decided to scrap plans for the triplex unit.
The purchase from the city has a five-year expiration date and developers are expected to sell at least 35 apartments by August 2018. And so the clock is ticking (pun intended).
- 108 Leonard [Official]
- Tribeca clocktower building's future as condos is in jeopardy [Curbed]