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

From gas to glass, as Porcelli's shrewd buy pays off
February 12, 2014 10:19AM

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