In July, 6sqft revealed that 12,000-square-foot lot at 45 Park Place in Tribeca (the former site of the controversial Ground Zero Mosque that was shelved four years ago by developer Sharif El-Gamal) was cleared to make way for a huge new condo. The lot is owned by El-Gamal’s SoHo Properties, who, just today, unveiled the final design for the slender, SOMA Architects-designed tower, along with new details, including its 665-foot height and sky-high pricing. As Bloomberg reports, the 70-story glass tower “will include at least 15 full-floor units of 3,200 to 3,700 square feet, and average prices higher than $3,000 a square foot… Prices at that level would be at least 13 percent more than the second-quarter average for new-development listings in the borough.”
SOMA’s Michel Abboud is responsible for the design of the tower itself, with Ismael Leyva Architects serving as the architect of record. The final rendering shows various levels of asymmetrical balconies, a scheme that Abboud likened to a “mini condensed New York skyline.” He continued, “The surrounding buildings have these slope-y crowns and spires. We wanted the silhouette of our building to stand out against that background and reflect that it was a residential building.” Beginning at 300 feet, all apartments are full-floor with private elevators and 12-foot, floor-to-ceiling windows that offer panoramic views. There will also be two duplex penthouses.
The steep prices (which, it’s noted, are still less than those along Billionaires’ Row) are credited to the ultra-luxury nature of the condo, with interior residential and amenity spaces designed by Italian architect Piero Lissoni. Meant to “evoke a five-star hotel,” amenities include a 50-foot swimming pool in the basement, concierge service, and a private lounge. Starchitect Jean Nouvel will take the reins on the adjacent public plaza connected to a three-story Islamic museum and prayer space.
45 Park Place joins a wealth of new residential developments in lower Manhattan; there are 5,500 units alone are being planned or under construction south of Chambers Street. But real estate appraiser and data guru Jonathan Miller warns of “growing concern about the volume of new units coming on line that are targeting a fairly narrow bandwidth.” He added, “There are already a number of projects with big units online now, so it might be a little late to the party, especially with the recent trend of unit size reductions to lower the actual asking price.” However, El-Gamal isn’t worried, saying, “Every day that we’ve been waiting, the market has been getting stronger and showing incredible signs of resilience. The appreciation and absorption this market is showing is unprecedented.”
Construction will officially begin this year, with sales starting in 2016 and a 2017 completion date. Stay informed about construction and listings for 45 Park Place on CityRealty.
- Tribeca’s 45 Park Place Site Cleared to Make Way for Slender 660-Foot Skyscraper
- Sharif El-Gamal Commissions Jean Nouvel to Design Islam Museum Next to WTC
Neighborhoods : Tribeca