It was back in December of 2014 that the Landmarks Preservation Commission approved (on its second attempt) the residential conversion of the former New York Life Insurance Company Building, later a city office building, at 346 Broadway, in TriBeCa. However, in just the past two weeks, two rulings have come down that will impact the plan from developers Peebles Corporation and Elad Group, being marketed using the alternate address 108 Leonard Street.
YIMBY detailed in November of 2014 the initial Landmarks Preservation Commission (LPC) hearing on the residential conversion of the former New York Life Insurance Company building at 346 Broadway (a.k.a. 108 Leonard Street), in Tribeca. The 13-story, 427,000 square-foot building is an individual and interior landmark, and is listed on the U.S. National Register of Historic Places. A month after the hearing, the LPC approved the changes that would including making the structure’s clock tower part of a penthouse and for the clock to run electronically, the WSJ reported. Last week, according to Commercial Observer, the Peebles Organization and Elad Group landed a $334 million construction loan for the project, which would convert the former office building into 151 condominium units. Additionally, a community facility and retail space will measure 7,210 and 2,200 square feet, respectively. Beyer Blinder Belle is designing the conversion.