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Another Parking Lot Is Toast
If I only had a dollar for every time I’ve wondered why the parking lot at 86 Warren hadn’t been built on…. The reason, according to the Real Deal, is that it’s owned by “Solil Management, which controls the assets of the late real estate mogul Sol Goldman [….] Property records show that the Goldman estate has owned 86 Warren since 1994, when Sol’s widow, Lillian Goldman purchased the site for an undisclosed price.” The family has historically “signed long-term ground leases with developers and tenants who have been eager to snap up the development-ready properties,” the way the Ponte family tends to do in northwest Tribeca, but now, the family constructing a 12-story building itself at 86 Warren. “Filings show the building will have 40 apartments and more than 5,600 square feet of retail. There would be five apartments on each of the lower floors, with two units on floors eight through 12, and the rooftop will hold a private and common terrace for residents. BKSK Architects is the architect of record.” BKSK also did 77 Reade, 3-9 Hubert, 124 Hudson, and the New York Law School’s addition.
Rough news for the folks to the north on Chambers, of course, but those windows looked out to openness far longer than anyone could’ve expected. And unfortunate for Warren, which gets yet another ground-up construction project (after 12 Warren, 30 Warren, and the W. Broadway assemblage).
UPDATE: The Real Deal article was subsequently amended to include confirmation that the building will be rentals.
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Do you anticipate any softening of the commercial rental market with all the new development coming in? It’s so sad to see empty storefronts :(
Any info on the parking lot at Warren and west Broadway?
Just wanted to add that the article also mentioned that these would be rental apartments, not condos.
Will update. That part was added to the Real Deal article later—the initial version said it wasn’t known.
Unless new residential developments take a role in supporting interesting businesses in their own commercial, street-level spaces, this neighborhood will continue to feature more chains and empty storefronts … until the residential rents drop, because most anyone under 35 is already choosing to live somewhere else. And then nothing will open here, for a while, until commercial spaces take risks on popups and garbage chains. It’s the real estate version of deflation …
That’s fair. I live in the Gehry and I’d say 80% of the population is under 40. It’s been awesome to get an increasingly number of great options for food/coffee/etc. over near us, and it seems like these places are thriving.