NEW YORK.- Izak Senbahar and Simon Elias, principals of New York City-based real estate development company Alexico Group LLC, announced that Alexico will construct a path-breaking new residential tower designed by internationally renowned architects Herzog & de Meuron of Basel, Switzerland.

One of the most admired firms internationally, Herzog & de Meuron has received the Pritzker Prize, architecture’s highest honor, as well as resounding worldwide accolades for such landmark buildings as the new Beijing National Stadium for the 2008 Olympic Games in China and the Allianz Arena in Munich; the conversion of the Bankside Power Station for the Tate Modern in London; the Walker Art Center in Minneapolis; and the new de Young Museum in San Francisco.

The first major tower to be realized by its celebrated designers, Alexico’s building will stand in the Tribeca Historic District at the intersection of Leonard and Church Streets, and will be named for its site: 56 Leonard Street.

Alexico expects to reveal the design for 56 Leonard Street in fall 2008. Senbahar and Elias also announced today that they have commissioned a monumental work of public sculpture by celebrated London-based artist Anish Kapoor, recipient of the coveted Turner Prize, to be fully integrated into Herzog & de Meuron’s architecture at the ground level. Engaging both the building and the surrounding streetscape, this permanent site-specific work is intended as a gift to the city and a nod to New York’s enduring role as a global cultural capital where great art and architecture are essential parts of everyday life.

Senbahar and Elias commented, “We are pleased and honored to be able to create a tower of true global character at a moment when great architectural ferment is reshaping New York City. Through this commission we aspire to make a unique contribution to the urban fabric of our town with a building that relates directly to the city but is also an outstanding international address.”

Development partners Izak Senbahar and Simon Elias collectively have over 50 years of experience in the fields of development, construction, property ownership, and management of Manhattan residential real estate. Their portfolio has included some of New York’s most prestigious properties, establishing them as leaders in their field with a commitment to design excellence, as evidenced in such acclaimed projects as The Mark by Jacques Grange and 165 Charles Street by Richard Meier.

The partners are also active on a broader national and international stage, with properties in Great Britain and Israel as well as New York and Washington, D.C.