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Tompkins Square Park today via Derek Berg...
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The narrow triangular site, presented numerous challenges from its odd shape to zoning constraints, Rotwein+Blake crafted a well thought-out solution to maximize potential development opportunity for the client. At ten stories, the building will have 4,600 SF of ground level retail, 46 residential apartments and a landscaped roof terrace.
The buildings retail component engages the more lively Houston Street side on a pedestrian level, with an abundance of storefront glass, awnings and stone details, while the residential entrance on 2nd Street, creates a more private and embracing gesture. The brick and zinc façade blend a modern twist to a historic warehouse style, reminiscent of the now, chic residential adaptive reuse projects of Soho and Tribeca.
The developers behind 196 Orchard Street, Ben Shaoul’s Magnum Management and Michael Miller’s Real Estate Equities Corp., sold the retail portion of the building to the AR Global affiliate New York City REIT, sources told The Real Deal. The sale price is $88.75 million, which makes it the most expensive deal for a retail condo in more than two years.
The deal is the most expensive sale of a retail condo since Savanna sold the retail portion of 10 Madison Square west for $97.5 million in the spring of 2017 to TH Real Estate (now Nuveen Real Estate).
Paul Wolf, a real estate broker and adviser who specializes in working with nonprofits and who represented the foundation, said the buyer wanted to remain anonymous. Wolf said the buyer was planning to sell the property, potentially at a substantial loss, to a nonprofit that would maintain its civic use.
"The goal is to keep this as a community facility," said Wolf, who is co-president of the firm Denham Wolf. "The intent is to sell it to a nonprofit at a lower price than the purchase price."
"This is a remarkable turn of events," said state Sen. Brad Hoylman, who last year was one among several elected officials to criticize the club's decision to sell. "Certainly this is a very valuable property in a highly desirable neighborhood right next to a park. But instead of a private developer that wants to build condos, we're getting a foundation that wants to invest in the local community."