News Summary
OTL Enterprises, in partnership with Troy Realty Capital, has purchased the former Tent & Trails location in Tribeca for $8 million. The acquisition, finalized on September 4, involves plans for redevelopment into condominiums. The property’s complex history includes a previous lawsuit regarding structural failures and zoning flexibility for various building types. OTL Enterprises brings experience in condominium development, making this an intriguing investment in the vibrant Tribeca area.
New York City – OTL Enterprises, in collaboration with Troy Realty Capital, has acquired the site of the former outdoor outfitter Tent & Trails located at 21 Park Place in Tribeca for $8 million. The property, which was home to Tent & Trails for 46 years until its closure in 2018, is set to be redeveloped into condominiums.
The deal for 21 Park Place was finalized on September 4, 2025, with the property being sold by the Williamsburg-based shell company 21 Park Place NY LP. This entity had previously acquired the site for $9 million shortly after Tent & Trails closed its doors. The prewar building at 21 Park Place collapsed in December 2018, just months after the retailer ceased operations.
Details of the Acquisition
The acquisition transaction was notably efficient, as it went into contract and closed on the same day. OTL Enterprises, co-founded in 1985 by Angelo Cosentini and John Carson, initially focused on construction before transitioning into condominium development. The company is recognized for its past projects, such as the Blue Condominium on the Lower East Side and the Atalanta condo in Tribeca.
The zoning regulations at 21 Park Place provide the opportunity for various types of buildings, including “sliver buildings,” which are narrow, high-rise structures. This flexibility could allow OTL Enterprises to maximize the property’s potential. The neighboring Iris Tribeca, a successful 24-unit condominium, may have also influenced OTL’s acquisition decision due to the area’s demonstrated demand for residential units.
History of 21 Park Place
The site has a complicated history, particularly surrounding the structural failures that led to its collapse. Filings with the Department of Buildings indicated that the previous owner intended to develop a 14-story hotel on the site. However, a lawsuit was filed against ABN Realty, the developer of Iris, citing them for causing the structural failure of the Tent & Trails building. This legal battle lasted for seven years before both parties settled last year.
Construction delays linked to this lawsuit also contributed to extended timelines for completing the Iris, which began welcoming residents in 2023. The area has seen changes since Tent & Trails operated there from 1972, selling outdoor gear until its closure in 2018.
Future Development Plans
As OTL Enterprises moves forward with their plans for redevelopment, the community and potential buyers will be watching closely. The established reputation of OTL, alongside the favorable zoning conditions and lessons learned from earlier developments in the area, positions them well for a successful project. Market interest in urban condominiums remains strong, particularly in vibrant neighborhoods like Tribeca, making this acquisition a timely investment.
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Additional Resources
- Tribeca Citizen: Tent & Trails Building on Park Place Has Sold
- Google Search: Tent & Trails Tribeca
- Gothamist: Tribeca Building Collapses
- Encyclopedia Britannica: Building Collapse in Tribeca
- New York YIMBY: Permits Filed for 21 Park Place
- Google News: 21 Park Place Tribeca
- Tribeca Citizen: The Dinosaurs of Tribeca
- Google Scholar: Urban Condominiums in Tribeca
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
