42 Lispenard facade
Colonnade Group is embarking on a landmark Tribeca conversion at 42 Lispenard.

Located between Church Street and Broadway, the red Pearl Craft Center warehouse will be retooled into a mixed-use development. The five-story, four-unit project will be designed by Freyer Architects, according to the plan exam application filed December 3rd. The 13,216-square-foot building will have retail on the ground floor.

The developer acquired the former warehouse in October for $9.2 million. All of the apartments will be full-floor units, featuring ceiling heights from 12 feet up to 24 feet in the penthouse, according to Colonnade’s site. The facade will be renovated “in keeping with the character of the area.” Construction is set to start at the beginning of 2014.

Here’s another shot of the site:

42 Lispenard neighbors

Colonnade is also transforming a building at 174 Duane Street into three condominiums, The Real Deal reported. The proposal would add one level to the four-story structure, which is currently home to art gallery Mondo Cane. Andre Kikoski is designing the project, named 174 Duane Park. The developer purchased the property in May 2013 for about $900 per square foot and is planning a duplex penthouse. Construction will commence at the end of 2013, and the conversion will take an estimated 10 months to finish.

Other ongoing Colonnade condo projects in the area include five-story conversion 77 Warren, designed by Andre Kikoski, and nine-story new building 403 Greenwich, designed by MA Architects.

Founded in 2000 by Greg Altshuler, Colonnade has developed more than 1,000 apartments in New York and Miami, according to the company website.

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