De Niro's Hotel Gets Go-Ahead

Robert De Niro's plan to build an 83-room, seven-story brick-and-terra-cotta boutique hotel in Tribeca is becoming a reality.

He and partner and hotelier Ira Drukier got approval to build on the property at the corner of Greenwich and N. Moore Streets, owned by Mr. De Niro, and most recently used as a parking lot and a welcoming center for the actor's Tribeca Film Festival.

The Board of Standards and Appeals made the vote today for the spot just north of the World Trade Center site; for building there, Messrs. De Niro and Drukier are receiving $38.9 million in Liberty Bonds for the project. (The Liberty Bond program was conceived after Sept. 11 to help revitalize downtown by providing tax-free loans to developers.)

According to Irving Gotbaum, a lawyer representing the development team, the project started construction some time ago. "We took a risk [by starting construction before getting the approvals] and believed we could make the case to the B.S.A."

Ultimately, he was proved right. The B.S.A. granted an increased floor-area ratio and the elimination of the 85-foot setback requirement.

Mr. Gotbaum told The Real Estate that the hotel should be finished in approximately one year. - Matthew Grace