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Has one of Lower Manhattan’s most exciting new real estate projects been called off?

Katherine Clarke
Friday, August 21, 2015

It appears one of the most significant new real estate developments slated for downtown Manahattan may be still very much up in the air.

Developer Pink Stone Capital has put a large development site at 111 Washington St. near the World Trade Center site back on the market, just eight months after it filed plans to build a massive 51-story tower with 429 apartments and gleaming retail space there, the Daily News has learned.

Listing broker Bob Knakal of Cushman & Wakefield didn’t immediately respond to a request for comment on the offering but sources said the site, which can support a massive development of up to 340,500 square feet, could go for as much as $300 million.

If it sells for that price, it would be one of the most expensive land sales ever in Lower Manhattan.

It wasn’t clear if Pink Stone had entirely scrapped its own plans for the site, which called for a tower designed by Gary Handel.

A spokesperson for the company did not immediately return a request for comment.

But a sale would represent a serious windfall for the developer, which took control of the site for significantly less in 2011, after the previously owner defaulted on his mortgage payments. The company paid a comparatively paltry $57.5 million at the time, records show.