NEW YORK CITY—A new joint venture between Colt Equities and Ruby Ventures has acquired the leasehold of 11 Greene St. and plans to build a mixed-use development at the site.

Located on a historic, cobblestone SoHo street, 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 square foot 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.

Plans for the property include approximately 16,000 square feet of ground-floor and lower-level retail space as well as over 30 luxury residential rental units above, with a partial mezzanine level.

“SoHo continues to be one of the most unique and vibrant neighborhoods in all of New York City,” says 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.”  

“With its five-star dining, signature shopping and prime apartment buildings and hotels, SoHo is a top-tier neighborhood for residents and tourists alike,” says Jack Joseph Sitt, founder of Colt Equities. “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.”

The Greene Street property offers retail brands a prime location close to luxury retailers Stella McCartney, Tiffany's, Chanel, Marc Jacobs, Prada and many more. SoHo has undergone a revitalization in recent years and there are reports that Google will open its first brick-and-mortar store just a few blocks from 11 Greene St.  

“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 adds.  “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.”