Saturday, October 22, 2016

25-Story Condo Tower to Rise by Holland Tunnel

Bizzi & Partners and developer Michael Shvo are planning a 25-story residential building across from the Holland Tunnel entrance plaza in Soho. 
The building, which will occupy the vacant lot at 100 Varick Street, between Broome and Watts, will feature 115 luxury units, 17,000 square feet of retail space on the first and second floors and a 750 square feet community facility.

The development is the largest ground-up project in Soho, and is expected to be complete by 2018.

The development team has raised $455 million for the 290-foot tall building, including a $320 million construction loan from Bank of China and a $135 million stake in the project purchased by Cindat (the U.S. branch of Beijing-based China Cinda Asset Management). 

The 320,000-square-foot, Renzo Piano-designed condominium, will house eight apartments on each of the third and fifth through 10th floors, while the fourth floor will have 10 apartments. Four duplex units will be spread across the 11th and 12th floors, while the 13th through 22nd floors will get four apartments each.

The 23rd and 24th floors of the project will house two apartments each, while two penthouses with roof access and a single apartment will top off the 25th floor. Building amenities will include a swimming pool, an exercise room and a 39-car garage.

The tower, which will have two spires, will overlook the Holland Tunnel entrance plaza just north of Canal Street, and will have views to the Hudson River, Empire State Building  and the 435-foot-tall Trump Soho at Spring Street, just two blocks away.

Renzo Piano is the architect who designed the new Whitney Museum in the meatpacking district.

The development site spans eight parcels, consisting of townhouses and vacant land along Varick Street from Broome to Watts streets.

The partners acquired Hudson Square parcel through a joint venture for $145 million in January 2014. The purchase included the main site – also known as 565 Broome Street – along with four residential buildings at 58-64 Watts Street and 94,000 square feet in air rights from 555 Broome Street. Demolition plans for the site were filed last June.

Bizzi teamed with Shvo last year on the acquisition and residential development of 125 Greenwich Street in the Financial District.

Last month, SVHO leased 12,000 square feet at One World Trade Center, with plans to use it as a sales office for the firm’s planned condo building at 125 Greenwich Street.

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