Karim Rashid-designed condo coming to Soho

Joint venture between Weis, Mavrix and Walker Ridge is developing the project

TRD New York /
Jun.June 09, 2015 03:10 PM

UPDATED, June 10, 3:51 p.m.: A new boutique condo project from the polarizing designer Karim Rashid is set to rise at 30 Thompson Street in Soho. But though the building will be relatively small, with 10 or fewer units, its flamboyant facade is engineered for impact.

A joint venture led by Adam Weis’ Weis Group, with investment partners Mavrix Group and Tribeca-based builder Walker Ridge, is behind the project. The developers purchased the site, Located Between Grand Street and Watts Street on a block that is dominated by brick, fire escape-adorned buildings, for $13.1 million in late May from Empire Office CEO Peter Gaslow.

The project will contain eight to 10 units, Weis told The Real Deal, depending on whether additional air rights can be secured. The site is currently occupied by a one-story garage but has a maximum usable floor area of 13,800 square feet, according to PropertyShark. The developers are yet to file for demolition permits.

The developers are aiming for prices upwards of $3,000 per square foot, Weis said.

If all goes smoothly, the building should be delivered in late 2017.

“We are excited about this acquisition, we know this site has a ton of value,” said Joseph Ferrigno, co-founder of Mavrix. “Soho has always been a place where creatives can create and set trends. We know by imbedding that culture into the design of this site we will impact the community in a positive way.”

In Soho, the median price per square foot for new development in the first quarter of 2015 was $1,914, according to a report by brokerage MNS.

The Egyptian-born Rashid has ongoing projects in 11 countries, but is best known in New York City for his controversially purple apartment building design for HAP Investment Developers, dubbed the Lilak, on West 187th Street. The project was originally slated to be 100 units but has been scaled down to 47.

Rashid released several designs for the building on his Facebook page this week and asked fans to vote on their favorite. Though the official design won the vote, Weis said it was not a factor in the developers’ decision.

Related Articles

From left: Savanna’s founding partners, Christopher Schlank and Nicholas Bienstock, Tokyo Trust Capital CEO Minoru Machida and 434 BroadwayFrom left: Savanna’s founding partners, Christopher Schlank and Nicholas Bienstock, Tokyo Trust Capital CEO Minoru Machida and 434 Broadway

Savanna sells Soho office building for $103M to Tokyo-based firm

591-593 Broadway (Credit: Google Maps)  

Another pricey retail building in Soho is up for sale

136 Grand Street, #3WR

Buyer nabs $8.8M condo with mirrored room, stripper pole

Blades founder Jeff Kabat and the store at 659 Broadway (Credit: LinkedIn and Google Maps)

Skate gear retailer Blades to close its last store

Acadia Realty Trust CEO Kenneth Bernstein, 565 Broadway, and Marsha Soffer (Credit: ICSC, Google Maps, World Red Eye)

Acadia, Prusik make $28M Soho retail play

47 Greene Street and President & CEO of Acadia Realty Trust Kenneth F. Bernstein (Credit: Google Maps)

Acadia plows ahead with $122M retail investment in Soho

WeWork leases in Soho and Flatiron could be in trouble, according to a report (Credit: iStock)

WeWork leases in Soho, Flatiron most at risk: report

From left: 47-49 Greene Street, 129 West 46th Street and 457 Broome Street (Credit: Google Maps and Meridian Investment Sales)

Here’s what the $20M-$30M NYC investment sales market looked like last week