New luxury condominiums and a five star luxury boutique hotel are coming to Tribeca, thanks to a new acquisition from the team at the Peebles Corporation. Don Peebles and his development company officially purchased the Sanford White building in Tribeca this week, according to an announcement from the Post. The building sold for a record-breaking $160 million. The property, which is located at 346 Broadway at Leonard Street currently takes up an entire city block between Worth and Canal Streets. With more than 460,000 square feet of living space, there is plenty of room for some major developments in the area. According to the announcement, the building has been in desperate need for renovation for some time and the Peebles Corporation is looking to bring the luxury housing options that this area is in need of. The building was sold by the city. Specific plans for the space are expected to be delivered soon.

Shortly after closing the deal, Don Peebles revealed his plans to bring a new luxury building to the area. According to the announcement the building is a Fifth Avenue, Central Park West style of pre-war building, but its location in Tribeca makes it a unique addition to the area. The renovations will look to enhance the grandeur and history of the landmark building while infusing the space with luxury amenities and features, together Peebles hopes this unique fusion of the two styles will bring some life and vitality to the area luxury market.

If plans go accordingly, the space can house spacious apartments often not seen in this covetable NYC neighborhood and spaces with high ceilings as high as 18 feet. The space not only includes ample area for luxury apartment homes but comes with 150 included parking spaces that are highly valuable in the area. This new addition to Tribeca will be one of many endeavors in the neighborhood that have helped transform the area into one of the Big Apple’s most sought after luxury neighborhoods. The area is home to celebrities such as Jon Stewart and Gwyenth Paltrow. Although the area was once known for having much more affordable housing, the neighborhood now boasts some of the highest price tag homes in the entire city. The new project on 346 Broadway is only looking to add to the area’s value.

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