A long-contested condo conversion in Tribeca will not be moving forward any time soon. Aby Rosen’s RFR Realty has decided to abandon plans to demolish the building at 67 Vestry Street, and build a new condo, The Real Deal reports. Instead, RFR Realty has sold the site to another developer, the Iliad Realty Group, for $55.5 million, but it’s not yet clear if the new owners have their own development plans for the site.
Plans for the condo were first filed in February 2014. Soon after that, existing tenants in the building, and local residents campaigned to save the nine-story building, and have it landmarked. Despite the local pushback, the city’s Department of Buildings issued RFR the permits to move forward with the redevelopment.
The project is located right next to the Related Companies-developed and Robert A.M. Stern-designed condo, 70 Vestry, which is now nearing completion. It’s not clear if that development played any role in 67 Vestry not moving forward, but both RFR Realty and the Iliad Group did not issue a comment to TRD.