Related Companies sealed $88 million in financing from Deutsche Bank to fund its boutique, mixed-use commercial development at 300 Lafayette Street in Soho.
The Hudson Yards developer received a $69 million construction loan and a $19 million project loan to fund the seven-story, 80,000-square-foot office and retail development, located along East Houston Street on the former site of a BP gas station.
The building will hold more than 50,000 square feet of office space on its top four floors and 30,000 square feet of retail space. Related and partner LargaVista Cos. are pouring $200 million into the project, which is slated for completion in early 2018 and would be the first new Class A building in Soho in more than 100 years, according to the Commercial Observer.
Earlier this year, it emerged that Related would start work on 300 Lafayette Street without securing a tenant at the property. But the developer has already received several inquiries from prospective retail tenants, Related senior vice president Avi Kollenscher told the Observer.
The eco-friendly, COOKFOX-designed project will feature 300 feet of frontage on each of Crosby, Lafayette and East Houston streets and have abundant outdoor space; each floor will have its own terrace and the property will also have a rooftop garden.
The building will target office tenants such as hedge funds, private equity firms and tech firms seeking state-of-the-art space, with office asking rents potentially going up to $150 per square foot. [CO] – Rey Mashayekhi