The Laboz family is planning to build two office and retail buildings on prime Broadway sites in Soho.
The family’s firm, United American Land, will break ground on a 40,000-square-foot building at 419 Broadway in the first quarter of next year, and a second building the following quarter at 430 Broadway, which will span 45,000 square feet, Crain’s reported. Laboz tapped architect Morris Adjmi to design both buildings.
Albert Laboz, who runs the firm with his brothers Jody and Jason, told the publication that, in part, the decision to move forward with the office buildings had been prompted by WeWork signing a 60,000-square-foot lease at his firm’s 408 Broadway last year.
“Frankly, there was a lull in the retail market, and we said this is a good time to re-evaluate what we had and how we can add value,” Laboz said. “We decided to go where the market is, and the market is on the office side.”
UAL oversees a portfolio of 60 buildings and has a vast presence in Soho. At another building 441, the firm just reportedly signed a five-year lease with Van’s General Store, a film production company led by actor Liev Schrieber. The firm will take the 3,300-square-foot penthouse, where the asking rent was $68 a square foot.
The firm has also been making investments across the river in Brooklyn. In January it paid $22 million for four buildings on a development site owned by Jeff Sutton. [Crain’s] — David Jeans