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NEW YORK CITY-Plans for 80 South Street Tower, an 835-ft condominium and commercial property near the World Trade Center site, have passed through the city approval process and an offering plan has been approved by the Attorney General. Dubbed "townhouses in the sky," the residences will consist of 10, 45-ft cubes, each containing four floors. In total, the tower will contain 175,000 sf of public cultural and private living space. The project is scheduled for completion in either 2006 or 2007.
Cooper-Horowitz Inc. has been retained by Sciame Tower Development LLC to serve as exclusive capital advisor for the $300-million site acquisition and construction. The tower is the first residential structure in the US to be designed by Santiago Calatrava, who is also designing the new World Trade Center PATH transportation hub. The base will contain three commercial units on floors the lower floors.
The development team includes Sciame, which is a partnership of Frank Sciame Jr., John Evans and John Golieb. Cooper-Horowitz, Inc. is a national real estate mortgage banking firm procuring debt and equity on all property types throughout the country for its clients. Founded in 1962, the firm has placed in excess of $30 billion in transactions in the last 5 years. The firm has worked on financing arrangements at such addresses as 575 Lexington Ave., 20 Exchange Place and 400 Madison Ave. Sciame's other Lower Manhattan projects include Seamen's Church Institute, Millennium High School and the Museum of Jewish Heritage. The marketing effort is being handled by I Khan Inc.
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