The building, which is known as The Fairchild, is located at 55 Vestry Street. It has 21 apartments, many with 22-foot ceilings, private balconies and terraces. The exterior features a traditional red brick façade and oversized arched windows.

It was developed by Atlantic Walk Vestry, whose principals include Gerard Longo. Mr. Longo and his partners also developed a very similar looking but smaller new building at 414 Washington Street, known as the Pearline Soap Factory.

The Fairchild has interiors designed by David Howell. It has a 24-hour doorman and concierge, refrigerated grocery storage, a dedicated storage area and direct elevator access.

Poggenpohl kitchens boast polished Caesarstone countertops and backsplashes, a 36" Sub-Zero refrigerator, a built-in Wolf oven and cooktop, Miele dishwasher, and a stainless steel Sub-Zero wine cooler. Lavish master baths feature large travertine tiles, polished Calcutta gold accented floors and fixtures by Toto and Kallista, while secondary baths boast stacked Botticino marble stone accented walls, marble floors and limestone showers.

Located in the Tribeca North Historic District, the Fairchild is within easy walking distance of Hudson River Park. The soon-to-be-completed Pier 25 and Pier 26 will include a habitat planting zone, lawns, seating areas, a skate park, mini-golf course, beach volleyball courts, basketball courts, and other recreational activities.

In May 2009, Joey Arak of curbed.com reported that the Fairchild began offering buyers "the exclusive amenities of New York s most prestigious private club - the Greenwich Hotel." The nearby hotel was developed by Robert De Niro and has a fitness center, the Shibui Spa, and a lantern-lit indoor pool.

Marketing for the Fairchild began in early 2009. As of March 2010, the building was more than 60 percent sold, with 13 of its 21 units in contract.