Newswire

Developers Under the Gun to Sell 35 Condos at Clock Tower Building by August

The Tribeca Clocktower, 108 Leonard Street

Condos at the Tribeca Clock Tower building are finally ready to hit the market — and they need to sell fast.

The Elad Group, which spearheaded the condo conversion at 108 Leonard Street, has to sell 35 units by August, according to loan documents that were revealed in a now-settled legal dispute between Elad and its development partner the Peebles Corporation (it is fairly standard for projects that receive financing to be required to sell a certain number of units by a certain date). Additionally, if the developers do not finish the project within five years of the date the city vacated the property — December 31, 2016 — the city can take the property back, according to legal papers that were filed in March.

The Tribeca building was previously a criminal court, and the effort to turn it into a condo project was announced five years ago. There are a total of 150 apartments at the project that have between one and four bedrooms and will go for between roughly $1.5 million to more than $20 million. Douglas Elliman will handle sales and marketing.

Amenities at the building include a gym, a pool, a screening room and a rooftop lounge.

A judge ruled last year that the clock tower part of the project could not be part of the penthouse, but Elad is still going ahead with the rest of the development. Peebles had sued Elad for $125 million over the project last winter, saying that the company cheated it out of its ability to sell its stake, but they settled the dispute last year in an agreement that lets Peebles keep its minority stake.

(Source: Curbed)

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