A new joint venture between Colt Equities and Ruby Ventures has paid $14 million for the leasehold of 11 Greene Street and plans to build a mixed-use development at the site.
Plans for the property include 16,000 s/f of total ground-floor and lower-level retail space as well as over 30 rental units on floors 2-6, with a partial mezzanine level on the 7th floor.
“SoHo continues to be one of the most unique and vibrant neighborhoods in all of New York City,” said Ilan Rubinstein, managing partner of Ruby Ventures.
“This Greene Street property holds enormous potential for chic retailers and will feature state-of-the-art residences designed with the finest and most luxurious amenities this city has to offer.”
Located on a cobblestone SoHo street, surrounded by cast iron buildings, the property offers 172 feet of frontage on Greene Street and over 65 feet on Canal Street.
The site, which is currently being operated as a surface parking facility, consists of a 13,090 s/f lot, which allows for the development of a building featuring more than 75,000 gross buildable square feet, including sub-grade space in a seven-story envelope.
“With its five-star dining, signature shopping and prime apartment buildings and hotels, SoHo is a top-tier neighborhood for residents and tourists alike,” said Jack Joseph Sitt, founder of Colt Equities (and son of real estate veteran Joseph Sitt of Thor). “The ability to develop this property into a world-class residential and retail property is a rare opportunity, and one which provides unmatched potential in a red-hot real estate market.”
Considered one of the world’s premier shopping destinations, SoHo attracts an international clientele that flock to the area to take advantage of its unmatched retail offerings.
The Greene Street property offers retail brands a prime location with maximum exposure, just steps from luxury retailers Stella McCartney, Tiffany’s, Chanel, Marc Jacobs, Prada and many more.
SoHo has undergone a revitalization in recent years with an influx of tech professionals. Building on that resurgence, there are reports that Google will open its first brick-and-mortar store just a few blocks from 11 Greene Street.
“The commercial and residential real estate market in SoHo is booming and there is no better location for luxury living and best-in-class shopping than Greene Street,” Rubinstein said.
“11 Greene Street will encompass both of these characteristics and serve as a symbol of why SoHo continues to be among Manhattan’s hottest neighborhoods.”