For many years, the site at 475 Greenwich Street, a long abandoned triangular property bounded by Canal, Watts , and Greenwich Streets, had been an unsightly blight on the Tribeca community.The area, which is directly over the Holland Tunnel, had been occupied only by low-rise buildings that once housed a ceramic tile company and a car audio store.
Summary
In 2007 Douglaston Development and Montagu Square Development joined together to build 475 Greenwich Street, which consists of 21 luxury condominium lofts and 5,000 square feet of retail space. The developers acquired a zoning variance to allow residential development on this site. Additionally, the developers agreed, in the summer of 2007, along with the Tribeca committee of Community Board 1, not to lease any of the project's retail space to nightclubs or bars.