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Omnia expands Lower East Side plans

David Paz’s firm files for 57-unit mixed-use development

Omnia Properties president David Paz and 183 Chrystie Street (Getty, Omnia Properties, GF55 Architects, LinkedIn)

Omnia Properties president David Paz and 183 Chrystie Street (Getty, Omnia Properties, GF55 Architects, LinkedIn)

Omnia Properties upped its plans on the Lower East Side. 

The developer filed for a 17-story, 75,000-square-foot mixed-use development at 183 Chrystie Street, Crain’s reported. The 175-foot-tall building will feature 57 residential units and ground-floor retail space. GF55 Architects is designing the development.

The firm’s president, David Paz, previously had sights set on a much smaller project. Plans originally called for a 9-story, 49,000-square-foot property with a mere 26 residential units.

Towards the end of 2021, an affiliate of the firm purchased the 9,600-square-foot adult care center at the site from Joel Fishkind for $19.5 million. Paz filed demolition plans for the existing two-story structure last February.

Omnia could not immediately be reached for comment.

The firm touts more than 20 completed projects in Manhattan in the past 17 years, totaling more than 475,000 square feet. One of Omnia’s more prominent properties, however, is one Paz has been fighting to salvage.

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The Northwind Group — an equity partner at Paz’s shuttered Ace Hotel at 225 Bowery — last month bought a $68 million loan on the property from Bank Hapoalim, which sold debt after spending months trying to foreclose on the hotel. It appears Northwind is positioning itself to take over the property, either through foreclosure or a bankruptcy sale.

It’s unclear if Omnia is planning condos or rentals at 183 Chrystie Street, but it may want to take note of another Lower East Side project of a similar scope that ran into plenty of trouble.

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Optimum Asset Management’s 222 East Broadway only opened luxury sales in the fall, after six years of development and a scaleback of the project. The development includes 70 units across two towers. The average price for an apartment there is $2,100 per square foot, with the cheapest units going for $975,000.

Optimum’s offering plan has a projected sellout of $157 million.

— Holden Walter-Warner

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Lower East Side