The New York City Landmarks Preservation Commission has approved development of a five-unit condominium project one of east Tribeca’s oldest landmarked buildings, now dubbed 6 Cortlandt Alley.
A joint venture of Megalith Capital Management and Imperial Development Group will develop the project, part of a rapid transformation of the Broadway corridor in eastern Tribeca, said Vishal Arora of Megalith.
The developer will convert the building at 372 Broadway constructed in 1915 into five luxury loft condominiums with 3- and 4-bedroom luxury floor-through and penthouse units with outdoor space, said Ryan Kaplan of Imperial.
"The entrance on Cortlandt Alley will provide homeowners privacy reminiscent of a London mews or a West Village side street," he added.
Construction and sales are expected to begin later this year on the project marketed by Stribling & Associates.
Megalith, a residential real estate owner and developer, owns and manages about $200 million of real estate assets. Imperial Development Group, LLC is a Manhattan-based real estate development and investment company.