Carl Marks Real Estate, Claremont Group sells 3 parcel TriBeCa site.The Carl Marks Real Estate Group and the Claremont Group through their affiliate, Brewran West Associates, have sold a three-parcel assemblage on West Street and Washington Street The following streets in the United States are called Washington Street:
adj. Suitable or available for building: "The problem was finding a site that was well located, appropriately zoned . . . and buildable" Sam Hall Kaplan. SF, continuing the post-9/l1 northward expansion of Tribeca. The parcels, located at 256 West St., 259 West St. and 416-424 Washington St., are the largest site in Tribeca to receive a residential variance, and were purchased by a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based builder with the intention of erecting a residential development with ground floor retail and an underground parking garage. In 1989, the Carl Marks Real Estate Group, a specialist in urban land strategies and a subsidiary of the diversified merchant bank Carl Marks & Co. Inc., partnered with The Claremont Group, a major developer of commercial real estate, to purchase the property on the northeast corner of Laight and West Streets in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . This site, originally zoned for manufacturing use, was the controlling parcel on the blockfront, and the next step in the northerly growth of the downtown financial district. The partnership used its initial acquisition as the catalyst to acquire half the block. "We sensed the opportunity of a changing neighborhood," said Martin Schiffman, managing director of Carl Marks. "In 1989 when the American Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. foreclosed its mortgage on a partially completed commercial building adjacent to the initial site, we arranged a joint venture with the savings bank to join the two properties to form the nucleus of the development plan." Ultimately, the bank was seized by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and the agency affirmed its obligation to the transaction, making this the only time the FDIC recovered taxpayer funds through its continued participation and investment in a development transaction, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Schiffman. The third site, 259 West St., was added in 1993 when Colonial Art Decorators, Inc., a family owned paint business went bankrupt. The partnership purchased the first mortgage on the building and was ultimately the winning bid in the bankruptcy auction of the property. The Carl Marks/Claremont group managed the process to win approval from New York City's Landmarks Preservation Commission for the development plan, as well as New York City's land use regulatory agencies. |
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