NEW YORK CITY—It now appears that the ongoing “start and stop” story of the luxury rental development at the highly coveted SoHo location of 11 Greene St. will finally come to a conclusion with its completion anticipated in 2019.
Arch Companies and its partners, under the entity 11 Greene Street, LLC, are now the developers and managers of the project, having acquired the land leasehold from Sol Goldman Investments for an undisclosed amount. Last week they closed on a financing transaction, receiving a $45 million construction loan from Maxim Capital Group.
They are proceeding with the Gene Kaufman architectural plans that first began in 2001. Prior to Arch's involvement, delays in design approval, economic downturns, and bankruptcies of two developers resulted in the ground-up construction on the cobblestone-lined street at the intersection of Greene and Canal streets frequently coming to a halt.
Now, with financing in place, the developers tell GlobeSt.com they are looking forward to making a reality of the 31 loft-inspired apartments, which will have a SoHo style fitting with the neighborhood landscape.
The building, which also has the alternate address of 335 Canal St., will be six stories with a partial seventh floor for one penthouse, and will feature 11,650 square feet of ground-floor retail, with 200 feet of frontage on Greene Street.
Jeffrey Simpson, the former CEO of Greystone Development, left the company bringing Jared Chassen, the director of acquisitions at Greystone, with him to launch Arch in January 2018. Subsequent to closing on acquisitions in Los Angeles and Miami, the 11 Greene Street project marks the young company's first major transaction in the New York market.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
