NEW YORK CITY-LargaVista Companies—a second generation real estate development, management and investment firm—and Related Cos. have formed a joint venture partnership for the development of 300 Lafayette St., in Soho. The site contains the block front on East Houston street, bounded by Lafayette and Crosby streets, and will be transformed into a seven-story, dynamic mixed-use retail and office tower.
The proposed development of 300 Lafayette Street, designed by COOKFOX Architects, consists of an 83,000-square-foot retail and boutique office building with abundant outdoor space on several landscaped terraces. The environmentally friendly design incorporates a number of sustainable features.
"By joining forces with Related, we are introducing an exceptionally strong financial partner with proven expertise in delivering world-class properties like 300 Lafayette," says Marcello Porcelli, president of LargaVista. "This project will benefit tremendously from Related's wealth of experience in building and leasing some of the most complex projects and demanding designs in major markets throughout the globe."
"We are pleased to be partnering with LargaVista to bring this exciting project to market, and we share their vision for the development of 300 Lafayette," adds Jeff Blau, CEO of Related. "COOKFOX has designed an architecturally stunning building that will offer magnificent retail and office space for companies that want to be a part of the continuing evolution of this historic and vibrant neighborhood."
The CBRE team of Mary Ann Tighe, CEO of the New York tri-state region, and Tom Duke, VP, served as real estate consultant to LargaVista at 300 Lafayette. Gregory Tosko, vice chairman, and Lauren Crowley, VP, joined the CBRE team advising LargaVista on this transaction. "It is deeply gratifying to have worked so closely with LargaVista on a development that will have such a profound impact on the SoHo market," says Duke.
Just to the east of 300 Lafayette, LargaVista developed One Avenue B, a 40,000-square-foot mixed-use condominium at the intersection of East Houston Street and Avenue B in the East Village. LargaVista, which got its start in 1973 developing gasoline stations, currently owns over 50 properties, comprising over 2.5 million developable square feet, throughout the five boroughs of New York City and beyond.
"We are proud of our history of developing properties that provide meaningful contributions to their neighborhoods," Porcelli says. "We believe that working with Related Companies at 300 Lafayette will only enhance our ability to create the finest building possible for this site."
LargaVista, Related and CBRE all were unavailable to respond to requests for further comment at press time.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
