(Read more on the multifamily market.)

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NEW YORK CITY-R Squared Real Estate Partners has already begunconstruction on its 34 Leonard St. development, a cooperativedevelopment featuring 16 private loft-style homes with open layouts10-foot high ceilings and walls of industrial-scale windows,GlobeSt.com has learned. A source close to the development tellsGlobeSt.com that the approximate construction cost for the55,000-sf project is expected to be $45 million.

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The 16 residences consist of one-, two- and three-bedroom homesranging from 1,541 sf to 2,792 sf, as well as a 3,086-sf penthouseresidence with a 2,215-sf wrap-around terrace. The source confirmsthat the sales gallery has just opened as there are already 150people currently on the priority/waiting list, however there hasbeen no presales as of yet. The homes range from $2 million to $8million, for the penthouse unit.

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Designed by architecture firm Beyer Blinder Belle, the newdevelopment integrates exposed materials and flexible spaces. "Thedevelopment of 34 Leonard St., a one-of-a-kind luxury property withan innovative design in a historic and exciting neighborhood,"notes Mitchell Rechler, principal of R Squared in a preparedstatement. "34 Leonard is a great addition to TriBeCa, offeringdiscerning buyers one of the most compelling residentialopportunities currently on the market and featuring exceptionalspace fitting a number of unique lifestyles."

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The development is slated for a fall/winter 2008 completion, thesource explains. The property will add an installation from artistJennifer Steinkamp to the building, "a three-dimensional visualillusion of trees that envelops the lobby in a sensory experiencethat is entirely unique," the developers note. "Translucent glasswith embedded leaves, sculptured wood benches and artisan craftedlimestone walls complete the aesthetic of organic luxury."

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The development was designed with layouts to accommodate artcollections. Furthermore, art expert Carol Dorksy can be madeavailable to offer her insight to potential buyers interested instarting or expanding their art collections. Among the manyamenities and services offered at 34 Leonard are: a hand-crafted,climate-controlled wine cellar individually housing owners' privatecollections--up to 300 bottles--in filigreed cabinets; a grill andbar/prep area on the roof deck for entertaining; a privatesunbathing area with outdoor shower; a private pet spa; a fitnesscenter; a private storage; and a 24/7 doorman.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.