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RFR Sells Tribeca Development Site For $56M

RFR Sells Tribeca Development Site For $56M
67 Vestry St. in the Tribeca neighborhood of Manhattan

Aby Rosen's RFR Realty has sold off a Tribeca building he had initially planned to redevelop into condos.

RFR sold 67 Vestry St. to Iliad Realty Group for $55.5M, according to property records filed Monday and reported by The Real Deal. The building stands eight stories and contains 24 apartments, 14 of them reportedly rent-stabilized, within its 61K SF.

As of 2014, Rosen had received demolition permits to clear the building to make way for an 11-story condo building across the street from 70 Vestry St., a 47-unit condo building developed by Related Cos. with a penthouse that was put on the market for $70M in 2016. On the other side of Vestry Street is the West Side Highway, giving part of both 67 and 70 Vestry views of the Hudson River and New Jersey.

Around the time Rosen received demolition permits, a nonprofit group appealed to the Landmarks Preservation Commission to protect the building, but the suit has since been dismissed. While the nonprofit, Tribeca Trust, plans to appeal the decision, RFR could have proceeded legally with demolition, as Iliad now can.