Lower Manhattan mixed-use project set to hit market in 2014, will be called the Lara

Office and retail spaces are currently being marketed by Lee & Associates

New York /
Mar.March 12, 2013 09:00 AM

A 30-story SLCE Architects-designed mixed-use project rising at the corner of Nassau and Ann streets in Lower Manhattan will be called the Lara, and offer 35,000 square feet of commercial space and 168 residential units, brokers close to the project told The Real Deal today.

Developers Anne / Nassau Realty have now begun marketing the office and retail portion of the tower — more than 30,000 feet of office and nearly 5,000 feet of retail, said Stanley Lindenfeld and Henry Goldfarb of Lee & Associates NYC, who are representing the spaces.

The tower, long-shrouded in secrecy, saw construction stall during the recession, Goldfarb said. But the building should now be ready for occupancy in the first quarter of 2014. And the mystery that has surrounded the project was not purposeful, he noted.

“We were just very low-key,” he said.

Naming rights and a “building within a building” arrangement are available for interested tenants, and larger tenants will have the opportunity to provide input on how the interior of the building is crafted, Goldfarb said. The retail portion of the tower will go by the address 111 Nassau Street and the residential will use 113 Nassau.

Interest in the office space so far has come mostly from private schools and media companies, Goldfarb said. Restaurants are showing strong interest in the retail. Asking rents for the retail are $100 per square foot, while the office space is asking $40 per square foot.

The residential rental units will be marketed internally by the developer at an on-site sales office, Goldfarb said. Asking rents for those units are not yet available.

The building’s format — bringing together office, retail and residential – may also augur a new trend in the Lower Manhattan area, where both residential and office rents have been relatively stagnant for years.

“This is the way forward down in that area,” Goldfarb said. “This is the first project to do this from the ground up.”


Related Articles

arrow_forward_ios
New development inventory fell 12% by the end of Q2 compared to 2019, a sign of higher consumer confidence surpassing pre-pandemic levels. (iStock)
Glut reaction: Manhattan condo inventory finally drops
Glut reaction: Manhattan condo inventory finally drops
A rendering of the project at 1 Park Row in the Financial District. (Winick)
L.A.-based lender puts FiDi project into construction with $90M loan
L.A.-based lender puts FiDi project into construction with $90M loan
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
The Down Town Association at 60-64 Pine Street (Wikipedia Commons, iStock/Illustration by Alexis Manrodt for The Real Deal)
Down Town Association files for bankruptcy
Down Town Association files for bankruptcy
Substantial tax incentives put in place to help Lower Manhattan recover from the 9/11 terrorist attacks are still active 19 years later. (Getty Images)
19 years after 9/11, does Lower Manhattan still need subsidies?
19 years after 9/11, does Lower Manhattan still need subsidies?
Matthew James (Credit: ABC)
First black “Bachelor” for ABC comes from real estate world
First black “Bachelor” for ABC comes from real estate world
David Baker of Baker New York, CoStar CEO Andrew Florance and James Wacht of Lee & Associates (Credit: Baker; CoStar via YouTube; Lee & Associates)
CoStar unmoved as NYC brokers seek discounts
CoStar unmoved as NYC brokers seek discounts
Yuh-Line Niou, Grace Lee and 250 Water Street (Credit: Google Maps)
Howard Hughes project at 250 Water Street triggers primary race
Howard Hughes project at 250 Water Street triggers primary race
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...