Soho is losing its last bit of grit: Three buildings are coming down to make way for commercial project

TRD New York /
Apr.April 11, 2013 09:00 AM

Three buildings in Soho – the last reminders of a grittier time for the now-upscale neighborhood – will come down so a new office and retail development can go up, the Wall Street Journal reported.

A BP PLC gas station, a former mechanic shop and the Puck Fair bar, all at the corner of Houston and Lafayette streets,  will be replaced by a seven-story office building with retail shops, according to a plan signed off on Tuesday by the city’s Landmarks Preservation Commission.

The commission unanimously OK’d the demolitions because the buildings are “atypical of the structures found elsewhere in the district,” a landmarks spokeswoman told the Journal.

The site will be developed by LargaVista, led by Marcello Porcelli, whose family has owned the site since 1976, and whose real estate portfolio is represented by CBRE Group’s Mary Ann Tighe and Tom Duke. The project will be designed by CookFox Architects and will contain 30,000 square feet of retail space and 40,000 square feet of office space.

Soho has become increasingly alluring to commercial developers in recent years. Indeed, the first quarter average asking office rent in Soho and Noho was $79.44 per square foot, a significant leap from $49.78 a year earlier, according to CBRE.

“It’s got the exposure of Times Square and yet it’s in a neighborhood like SoHo that’s so exciting and dynamic,” Porcelli told the Journal.

A decade ago, the area was defined by “no-name stores,” Faith Hope Consolo, chairman of the retail group at Douglas Elliman Real Estate, told the Journal, but now, Consolo refers to it as the “denim corridor,” in light of jean retailers such as G-Star Raw and Supreme who have set up shop there. [WSJ]Hiten Samtani 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Sandeep Mathrani (Wikimedia)

WeWork tells members you must pay rent

WeWork tells members you must pay rent
Clockwise from left: Vornado CEO Steven Roth, Ralph Lauren, 650 Madison Avenue and the Starrett-Lehigh building (Getty, VNO, Wikimedia)

New round of layoffs as NYC struggles to come back

New round of layoffs as NYC struggles to come back
The MTA board approved rent relief for small businesses in Grand Central and other locations (iStock)

MTA cuts rent up to 90% for small businesses

MTA cuts rent up to 90% for small businesses
The best accessories to revamp your workspace

The best accessories to revamp your workspace

The best accessories to revamp your workspace
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
arrow_forward_ios

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

Loading...