Five years ago, developer Sharif El-Gamal found himself the target of public and political opprobrium when his company, Soho Properties, proposed building Park51, a 15-story Islamic Center and mosque two blocks from the Ground Zero site where the World Trade Center towers were destroyed by the deadliest terrorist attack in the country’s history.
On that same lot—45 Park Place in lower Manhattan, for which El-Gamal paid only $4.85 million in 2009—Soho now proposes to build a 70-story, 667-foot-tall glass condominium tower. According to Bloomberg Business, the skyscraper would offer at least 15 full-floor units of 3,200 to 3,700 sf each, with an average price tag of $3,000 per square foot. The total number of units being proposed was not disclosed.
If the building and pricing are approved, this project is expected to break ground by the end of this year, start selling units early next year, and be completed in 2017. Michael Abboud of the architectural firm SOMA designed the building. The Italian designer Piero Lissoni will design the interiors. Ismael Leyva Architects reportedly is converting SOMA’s exterior design concepts into floor layouts and detailed construction plans.
The proposal calls for 12-foot-tall windows and unobstructed views to the north that begin at close to 300 feet. There will be a 50-foot swimming pool in the basement, concierge service, and a high-ceilinged private lounge.
Bloomberg also reports that Soho still plans to build a three-story Islamic museum and prayer space that would be connected to the tower via a public plaza.
Soho Properties first disclosed preliminary plans for its tower in August 2014, but was still feeling the sting of negative press surrounding the Islamic Center controversy. Those preliminary plans, though, called for a 39-story, 48-unit condo building, considerably shorter than the tower Soho wants to build now.
Soho is attempting to strike while the luxury condo boom is still hot. Home prices in downtown have risen by 28% since 2012. StreetEasy.com, which tracks sales and pricing activity in New York, estimates that homes in the downtown area are on the market for an average of 56 days before they’re sold, or about half the time it took in 2012.
About 5,500 units are being planned or are under construction in the downtown area south of Chambers Street, which suggests that Soho’s proposed tower would run the risk of jumping into a very crowded field.
Related Stories
Multifamily Housing | May 23, 2023
One out of three office buildings in largest U.S. cities are suitable for residential conversion
Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.
Multifamily Housing | May 19, 2023
Biden administration beefs up energy efficiency standards on new federally funded housing
The Biden Administration recently moved to require more stringent energy efficiency standards on federally funded housing projects. Developers building homes with taxpayer funds will have to construct to the International Energy Conservation Code (IECC) 2021 for low-density housing and American Society of Heating, Refrigerating and Air-Conditioning Engineers ASHRAE 90.1 for multi-family projects.
Sponsored | Multifamily Housing | May 19, 2023
Shear Wall Selection for Wood-Framed Buildings
From wall bracing to FTAO, there are many ways to secure the walls of a building. Learn how to evaluate which method is best for a project.
Sponsored | Multifamily Housing | May 17, 2023
The Key To Multifamily Access Control — Consistent Resident Experiences
Explore the challenges of multifamily access control and discover the key to consistent user experiences with a resident-first approach and open platforms.
Affordable Housing | May 17, 2023
Affordable housing advocates push for community-owned homes over investment properties
Panelists participating in a recent webinar hosted by the Urban Institute discussed various actions that could help alleviate the nation’s affordable housing crisis. Among the possible remedies: inclusionary zoning policies, various reforms to increase local affordable housing stock, and fees on new development to offset the impact on public infrastructure.
Multifamily Housing | May 16, 2023
Legislators aim to make office-to-housing conversions easier
Lawmakers around the country are looking for ways to spur conversions of office space to residential use.cSuch projects come with challenges such as inadequate plumbing, not enough exterior-facing windows, and footprints that don’t easily lend themselves to residential use. These conditions raise the cost for developers.
Multifamily Housing | May 12, 2023
An industrial ‘eyesore’ is getting new life as an apartment complex
The project, in Metuchen, N.J., includes significant improvements to a nearby wildlife preserve.
Senior Living Design | May 8, 2023
Seattle senior living community aims to be world’s first to achieve Living Building Challenge designation
Aegis Living Lake Union in Seattle is the world’s first assisted living community designed to meet the rigorous Living Building Challenge certification. Completed in 2022, the Ankrom Moisan-designed, 70,000 sf-building is fully electrified. All commercial dryers, domestic hot water, and kitchen equipment are powered by electricity in lieu of gas, which reduces the facility’s carbon footprint.
Multifamily Housing | May 8, 2023
The average multifamily rent was $1,709 in April 2023, up for the second straight month
Despite economic headwinds, the multifamily housing market continues to demonstrate resilience, according to a new Yardi Matrix report.
