56 Leonard Postscript

When we last left this story the dark clouds of the financial crisis and the recession were descending on Manhattan development like a heavy curtain at intermission. Turns out it took the bankers almost four and half years to get their drinks at the bar and come back for the second half of the show, because financing is back in place for the condo tower at 56 Leonard Street in TriBeCa. Crain's New York reports that Bank of America, among others, have closed on $350 million in financing to finish the 60-story Herzog & de Meuron condominium. You can read our take on the design below, but purely as evidence of the return of the housing construction engine this is a pretty big clue.