Six-story retail planned for 529 Broadway

Cayre, Sutton, Sitt, Adjmi group files paperwork with Department of Buildings

New York /
Jul.July 11, 2013 06:30 PM

An ownership group made of retail developers Bobby Cayre, Jeff Sutton, Joseph Sitt and the Adjmi family has filed plans to add four stories to the two-story structure at 529 Broadway, which it purchased in December for a Soho record of $147.9 million.

The plans, which are under review, call for an enlargement of 26,921 square feet above the 17,200-square-foot building, according to documents filed July 5 with the city’s Department of Buildings.

The filing lists “interior renovation on all floors including demo work, and vertical enlargement.”

The owners purchased the property from the family of Abe Goldstein on Dec. 20, city records show. Four days later, Deutsche Bank lent the group $100 million.

At the time, sources familiar with the group’s thinking said the developers planned to demolish the building and construct a two- to five-story building.

Since the property is within the Soho-Cast Iron Historic District, the redevelopment plan needs to be approved by the Landmarks Preservation Commission as well as the DOB.

As of Wednesday, the preservation board had not received an application on the property, according to a spokesperson.

Cayre, Sutton, Sitt and a member of the Adjmi family did not immediately respond to requests for comment.


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