Two in Tribeca Go For $57 M.—Development, Anyone?

In late August, 401 Washington Street and 422 Greenwich Street, two industrial properties in north Tribeca, closed in a package deal for $57 million, according to city records. The total area for the buildings was approximately 67,400 square feet, so our math indicates that the buyer paid $845 per square foot.

The seller was the Usdan family, which had owned the buildings for decades, according to a source familiar with the deal.

The deed listed the buyer, 71 Laight Street, LLC, as having an address in Burgos, Spain, a city renowned for its Gothic cathedrals and monasteries, not its budding real estate development.

While little more is known about the buyer, a high price tag for property like this is usually indicative of one thing: development. What’s more: A source told The Observer that famed conversion architect Joseph Pell Lombardi is associated with the project.

Over the past 40 years, Mr. Lombardi has made a name for himself in New York City real estate for taking manufacturing and industrial buildings and converting them into residential developments.

Although he is probably best known for 55 Liberty Street, an iconic 33-story skyscraper that he transformed for residential use, much of his work is in Tribeca.

The Fairchild and Foster Atelier at 415 Washington Street and the Pearline Soap Atelier at 414 Washington Street are two Tribeca properties that Mr. Lombardi is currently changing into high-end residential units. The buildings at 401 Washington Street and 422 Greenwich Street fit the bill for a similar Lombardi project, not only in terms of building type, but also location.

The architect, whose city offices are conveniently located at 401 Washington Street, was polite but reticent when reached for comment: “I wish I could say something, but I have no comment at this point.”

Two in Tribeca Go For $57 M.—Development, Anyone?