City will have option to take property back if condos don’t sell
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 Curbed. Additionally, if they do not finish the project within five years of the sale, the city can take the property back.
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. The Peebles Corporation 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.