Related, LargaVista to turn gas station into $200M complex

From gas to glass, as Porcelli's shrewd buy pays off

New York /
Feb.February 12, 2014 10:19 AM

Related Companies and the Porcelli family’s LargaVista Companies joined forces Tuesday in a deal to develop a $200 million office-and-retail project in Soho.

The seven-story, 83,000-square-foot building, to be located at 300 Lafayette Street, will hold 53,000 square feet of office space and 30,000 square feet of retail space.

After Related secures tenants for the retail space, construction is slated to begin. The developer signed a long-term lease that would provide its partner, LargaVista, with a large chunk of Profits Down The Road, CEO Jeff Blau told the Wall Street Journal.

The Porcelli family and architect Rick Cook of Cook + Fox Architects received approval last year from the Landmarks Preservation Commission to build on the site, which has been home to a gas station for about 80 years. LargaVista recently bought two nearby buildings for a total of $5 million in an effort to expand the scope of the project.

Developers are increasingly making bids for gas stations in the city. On the Far West Side, for example, Michael Shvo and Victor Homes bought a gas station on West 24th Street for $23.5 million last year, to build a luxury residential art-themed project, as previously reported. [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
The Strand Bookstore and store owner Nancy Bass Wyden (Credit: Getty Images)
Over owner’s protests, city landmarks Strand bookstore
Over owner’s protests, city landmarks Strand bookstore
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
Related launches lodging for executives’ hybrid work
Related launches lodging for executives’ hybrid work
Related's Stephen Ross, the Gregory Hotel at 42 West 35th Street and Meadow Partners’ Jeffrey Kaplan (Getty, Google Maps, Meadow Partners)
Related sues Meadow after foreclosure on Garment District hotel
Related sues Meadow after foreclosure on Garment District hotel
Bill Ackman and a rendering of the glass penthouse at 6-16 West 77th Street (Getty, Foster + Partners)
Bill Ackman getting his glass penthouse … mostly
Bill Ackman getting his glass penthouse … mostly
Jeff Blau, CEO, Related Companies, in front of The Lyric at 255 West 94th Street (Getty Images, Google Maps, iStock)
Korean firm makes US debut with $266M acquisition from Related
Korean firm makes US debut with $266M acquisition from Related
Related's Stephen Ross
Quintessential Stephen Ross moments from “The New Kings of New York”
Quintessential Stephen Ross moments from “The New Kings of New York”
arrow_forward_ios

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

Loading...