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
Wood | Oct 19, 2018
Design revealed for mass-timber residential tower in Milwaukee
The developer is confident that the city will approve construction, which is scheduled to start next year.
Mixed-Use | Oct 15, 2018
35-story mixed-use tower will be tallest residential building in Long Beach
Studio One Eleven designed the tower.
Multifamily Housing | Oct 10, 2018
Affordable treasures
This year’s prestigious Gold Nugget Awards honor four projects that provide affordably priced housing for homeless families, seniors, and veterans.
Multifamily Housing | Oct 9, 2018
Breaking new ground: The New Home Company
The company, which is headquartered in Aliso Viejo, Calif. relies heavily on focus groups and market research to understand buyer preferences specific to each new community.
Multifamily Housing | Oct 9, 2018
Bjarke Ingels Group creates 66 homes for low-income citizens in Copenhagen
The building is approximately 73,000 sf.
Mixed-Use | Oct 4, 2018
Four-story hotel and adjacent affordable housing community opens in California’s Sonoma County
Axis/GFA Architecture and Design was the architect for the project.
Multifamily Housing | Sep 25, 2018
Fitness centers go for wellness
Equipment choice, room size, program offerings—a lot of thinking has to go into creating a fitness facility that pays off in resident satisfaction.
Multifamily Housing | Sep 24, 2018
Topsy-turvy: Creative use of air rights results in a model of urban luxury design
Using bold cantilevering and imaginative structural design, ODA and its project team created a 12-story building whose massing grows in width as it steps upward.
Multifamily Housing | Sep 21, 2018
A place of ‘voluntary and cheerful resort’
A project team soldiers on in the wake of a nightmarish turn of events.
Multifamily Housing | Sep 19, 2018
Multifamily market trends 2018: What the experts are saying
The growth of keyless entry solutions and demand for oversized units are among the trends and ideas shared at Marcus & Millichap’s 2018 Multifamily Forum in Chicago.