Soho Properties Filing Plans for Condo at 45 Park Place
Soho Properties today is filing plans with the city to erect a condominium at 45 Park Place, next to the developer’s planned three-story museum devoted to Islam.
Designed by architect Michel Abboud of SOMA Architects, with Ismael Leyva Architects, the as-of-right glass and steel tower will rise 619 feet. Construction is slated to begin this year and the building will be completed in 2017, according to a press release from the developer.
“We are thrilled to contribute to the continued renaissance of Lower Manhattan and the new downtown skyline,” said Sharif El-Gamal, the chairman and CEO of Soho Properties, in a prepared statement. “We look forward to sharing our unique vision for an exquisite residential condominium property.”
Architect Jean Nouvel was tapped to design the neighboring museum “dedicated to exploring the faith of Islam and its arts and culture,” The New York Times previously reported, and public space.
No other details were provided by a spokesperson for the condo.
Park51 officially opened its doors as a cultural and community center at 45-51 Park Place in September 2011, a year after controversy ensued following announcement of plans for a 15-story Muslim institution two blocks from the World Trade Center, which Islamic radicals attacked on September 11, 2001.
We are thrilled to contribute to the continued renaissance of Lower Manhattan and the new Downtown skyline,” El-Gamal said in a statement. The number of units in the tower wasn’t disclosed.
The developer previously sought to build a 15-story Islamic cultural center at the adjacent 51 Park Place site, which is located two blocks from the World Trade Center site. Critics of the Park51 project termed it the “Ground Zero mosque,” given its proximity to the site of the September 11 attacks. Soho Properties will now build a three-story museum dedicated to Islam at that site.
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Slight title change may be necessary. Also, the floors are now known.
Permits Filed: 45 Park Place
The first permits are up for a new residential tower at 45 Park Place, which is located one block west of The Woolworth Building and 30 Park Place. The Commercial Observer first reported on the site’s potential earlier this month, when it was announced that Michel Abboud of SOMA would serve as the design architect; Ismael Leyva is the architect of record.
The DOB filings list the project’s height at 39 stories and 597 feet, and the building will only have 48 units; the project will clearly be very high-end. 45 Park Place will have 118,105 square feet in total, including 1,057 square feet of ground-floor retail; those numbers translate into an average of approximately 2,400 square feet per residence, which is particularly impressive for Lower Manhattan.
Given the data behind the project, it appears that 45 Park Place may become one of the most expensive residential buildings below 57th Street. The development will have a boutique appeal uncommon to large high-rise developments in Lower Manhattan, and besides generous floor-plans, ceiling heights will cater to super-luxe buyers. The immediate location is slightly removed from prime Tribeca real estate, but a stellar design could compensate for that shortcoming.
A first rendering has been revealed (h/t tipster) for the tower of condos that may rise next to the controversial museum "dedicated to exploring the faith of Islam and its arts and culture" that developer Sharif El-Gamal wants to bring to 51 Park Place. In late April, news broke that Sharif tapped Pritzker prize winner Jean Nouvel to design the reimagined three-story building. Not much is known about the neighboring residential tower at 45 Park Place, other than building permits say that it will be designed by Michel Abboud of SOMA Architects along with Ismael Leyva Architects. The tower's plan exams were disapproved, but a tipster tells us that aspects of construction are moving forward. The tower is expected to be complete in 2017.
There is an interview with the developer, this pretty much sums the gist of it
El-Gamal said he expects to begin construction, as well as sales, at 45 Park Place early next year. But before a shovel goes into the ground, he needs to line up financing.....El-Gamal and Stribling declined to reveal pricing for 45 Park Place and paperwork has not yet been filed with the Attorney General’s office.....He declined to comment on the building’s design and amenities, but said "Our city is far behind the rest of the world. We still have this mentality of building a rectangle, a cube, a square. It was important for me to provide spaces that are not these cookie-cutters typically brought to market"
Madison Realty Capital Closes $33 Million Financing for 45 Park Place
Madison Realty Capital (MRC), an institutionally-backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the closing of $33 million in first mortgage financing for 45 Park Place, the luxury condominium tower currently under development by Soho Properties. Headed by Sharif El-Gamal, Soho Properties filed plans with the New York City Department of Buildings in May and expects to commence construction in 2015. The loan from MRC will be used to fund predevelopment and other costs associated with the as-of-right project, which totals approximately 120,000 gross square feet.
Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement. "We're pleased that MRC could provide financing to facilitate this exciting project," Zegen said. "Soho Properties has assembled a prime site, engaged great architects, and is creating adjacent cultural and green spaces that further enhance the location."
Designed by architect Michel Abboud of SOMA Architects, with Ismael Leyva Architects, 45 Park Place is a glass and steel tower that will soar 665 feet, offering unparalleled panoramic views from its location at the southern edge of the Tribeca Historic District. The tower will be neighbor to a museum and public green space designed by world renowned architect Jean Nouvel. Construction is expected to begin in 2015, with delivery of the tower in 2017. Tishman Construction will serve as construction manager.
"Madison Realty Capital preempted our market request and provided us with a customized financing solution perfectly tailored to the needs of our project," Mr. El-Gamal said. "In addition to lending, Madison has extensive New York City development experience which allowed their team to understand our vision for 45 Park Place and execute flawlessly."
Soho Properties has received demolition permits for the site at 45 Park Place, according to the city’s Department of Buildings. The permits allow for the the wrecking of a five-story as well as a four-story building.
The firm, run by Sharif El-Gamal, plans to begin removal of the exterior details of the existing building as early as next Monday, a spokeswoman for Mr. El-Gamal said. Full demolition is slated to begin shortly thereafter, paving the way for development of a condominium tower and then the Jean Nouvel-designed museum, Mr. El-Gamal’s spokeswoman indicated.
“The commencement of demolition represents an important milestone for us in the development of 45 Park Place—the first step in the realization of something truly extraordinary and a contribution to the renaissance of Tribeca and Lower Manhattan,” Mr. Sharif said in a prepared statement. Soho Properties filed plans with the city for the project’s construction in May, as Commercial Observer previously reported.
Designed by architect Michel Abboud of SOMA Architects, with Ismael Leyva Architects, the residential building will be a concrete tower with glass curtain wall facade, Mr. El-Gamal’s spokeswoman said. The residential tower will rise 665 feet. Construction is slated to begin this year and occupancy is slated for 2017. The museum will be completed shortly after the residential building.
Park51 officially opened its doors as a cultural and community center at 45-51 Park Place in September 2011, a year after controversy ensued following announcement of plans for a 15-story Muslim institution two blocks from the World Trade Center.