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Owner of the Miami Dolphins and renowned real estate mogul Stephen Ross’s Related Companies is set to develop a luxury condominium building on the site of the long closed famed Tribeca restaurant Ponte’s Eatery. This according to a report first made in The Real Deal.
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The new building is to be constructed over six adjacent lots that include the site of the old restaurant which is to be torn down. It will have 46 luxury condominiums totaling 152, 000 square feet and its official address will be 268 West Street.
Related Companies acquired the property together with five neighboring lots from Ponte Equities for $115.3 million in March, along with 171, 769 square feet of development rights.
The buildings currently located at 33 and 35 Desbrosses Street and 264, 268 and 270 West Street will be taken down for the project.
Related plans to start selling units in the building, which will be completed in 2017.
Ponte’s Eatery closed a year ago. The Pontes are new to the real estate biz. They just recently began to sell and develop their portfolio of more than 30 assets they’ve owned in Tribeca since the 1960s.
Ponte Equities is partnering with Related in another development nearby, a 10 story residential building at 460 Washington Street.
Founded in 1972, Related Companies is the largest owner of luxury residential rental properties in New York, with more than 5, 000 units. It also has offices in Boston, Chicago, Los Angeles, Las Vegas, Miami, San Francisco, Abu Dhabi, São Paulo and Shanghai.
Related has developed more than $22 billion in real estate and owns real estate assets valued at over $15 billion.
