Foundation work is underway and concrete trucks are on site at 71 Reade Street, which will soon give rise to a nine story building. The site saw major issues back in 2009 when the former walk-up’s facade collapsed, but luckily the structure was vacant and there were no deaths or major injuries. Permits filed with the Department of Buildings indicate the development will stand 88 feet tall, meaning it will be completely unnoticeable on the skyline – but the seventeen residences are sure to be luxurious.
SK Development is building 71 Reade Street, though their website offers little additional information on the project. Earlier renderings came with speculation that a hotel would rise on-site, though that presumption has now been de-bunked. With 40,000 square feet of residential space atop ground floor retail, units will average over 2,300 square feet, which is enormous for Manhattan but typical for new construction in Tribeca, much of which caters to larger families.
Selldorf Architects and Goldstein, Hill, & West created the as-yet unseen design together, which has already made it through the Landmarks process – Tribeca is a historic neighborhood, and all new developments within the historic district must first receive Landmarks approval before beginning construction. Sales are set to begin this fall, which means completion should be around the corner – work is already underway and the site isn’t large, so a 2014 opening would be a reasonable guess.