Karim Rashid-designed condo coming to Soho

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

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

arrow_forward_ios
(iStock)

Manhattan asking retail rents continue downward spiral

Manhattan asking retail rents continue downward spiral
Cash App CEO Jack Dorsey with 13 Crosby. (Getty, Google Maps)

Cash App takes new Soho office

Cash App takes new Soho office
SK Development's Scott Shnay and Ironstate's Michael Barry (Google Maps, Scott Shnay via LinkedIn)

Noho offices move forward where city wants housing

Noho offices move forward where city wants housing
Open New York's Will Thomas and Kyle Dontoh (Photos via Getty; iStock: Open New York)

Outsiders for years, NYC yimbys move into mainstream

Outsiders for years, NYC yimbys move into mainstream
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Mayor Bill de Blasio (Getty, iStock)

The battle to rezone Soho is just beginning

The battle to rezone Soho is just beginning
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
arrow_forward_ios

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

Loading...