This Monday, the City Planning Commission certified a major initiative to rezone Manhattan’s Soho and Noho Historic Districts. The goal of the initiative is to expand allowable residential density for multifamily buildings, spur the construction of income-restricted and permanently affordable housing, and increase available community facilities.
Excavation is progressing at 65 Franklin Street, the site of a 19-story residential building in Tribeca. Designed by CetraRuddy Architecture, the 210-foot-tall structure will yield 41 homes and ground-floor retail space. The project is being developed by HAP Investment Developers, which secured $94 million in construction financing from G4 Capital Partners in the spring of 2019. The site is located at the corner of Broadway and Franklin Streets, and was formerly occupied by several low-rise structures. Noble Construction Group is the general contractor for the property.
Exterior work is nearing completion on 120 Water Street, a 28-story Hotel Indigo in the Financial District. Designed by Gene Kaufman Architects and developed by Atlas Hospitality, the 52,000-square-foot structure is located along Water Street between Pine and Wall Streets and will yield 128 rooms managed by Fortuna Realty Group.
Residential conversion and expansion work is progressing on 67 Vestry Street, a 13-unit condominium building along Hudson River Park in Tribeca. Designed by BP Architects with Gachot Studios handling the interiors, the project involves a roof-level addition that will raise the structure from nine stories and 115 feet tall to 13 stories and 153 feet tall. Iliad Realty Group is developing the property, which it purchased for $55.5 million in 2017. Corcoran Sunshine Marketing Group was last reported to be the exclusive marketing and sales agent for the the 88,712-square-foot Romanesque revival edifice.
Construction is continuing to progress on the residential conversion of the 90-year-old One Wall Street, a 564-foot-tall Art Deco skyscraper in the Financial District. Developed by Macklowe Properties, the project is expected to cost $1.5 billion and also features an exterior addition designed by SLCE Architects. The undertaking is the largest office-to-residential conversion in New York City history and will feature 566 new units with sales handled and marketed by Compass, as well as a new 44,000-square-foot Whole Foods Market and a Life Time fitness center on the lower levels. The site is bound by Broadway to the west, Wall Street to the north, New Street to the east, and Exchange Place to the south.
