Rose Associates heiress sells $10M Tribeca condo to distressed mortgage trader
Rose Associates is looking to bring a classic American restaurant of up to 15,500 square feet to its Lower Manhattan skyscraper at 70 Pine Street, which the developer is converting into luxury rental apartments.
The restaurant would take up a large portion of the 66-story Art Deco tower’s 35,000-square-foot retail space, once the longtime tenant — the restaurant Captain’s Ketch — moves out next year.
“We feel very strongly that Downtown is ready for a real restaurant,” Rose Associates’ principal Adam Rose told the New York Post. “Nothing to take away from eight steakhouses,” Rose added, “but we need a family-friendly, tablecloth restaurant — basically an American brasserie.”
Last year, Rose secured a $300 million construction loan for the $550 million project, according to the Post. After the conversion, the tower will have 644 rental units and another 132 units that will be used as extended-stay apartments. [NYP] – Hiten Samtani
