Hotels are sprouting like weeds down in Soho, and yet another one may be rising at 43 Grand Street near
Timberlakeland West Broadway. The site is now a one-story building where the De Lorenzo family business has held strong since 1968, when they bought the box of bricks for $65,000. A couple of years back the De Lorenzos entered into a deal to sell their metalwork shop to some deep-pocketed developers. That plan was to combine the site with the corner lot at 330 West Broadway and build a zoning-busting 11-story commercial building, but the economic crunch came along and things got ugly, killing the proposal. Now another deal has been signed for a new and somewhat more zoning compliant seven-story hotel rising mid-block on Grand Street.
The DeLorenzo deal includes a 99-year lease for $3.5 million (in May, ownership of the building transferred from Thomas A. De Lorenzo to a family partnership). The cash comes from the "45 Grand Street Development LLC" and paperwork has been signed by Noam Shemel, a member of the LLC and principal broker with Cornerstone Real Estate Investments. The development team has filed a plan at the Department of Buildings for a 30-room hotel on the 30' x 96' lot.
The architect on board is C3D Architecture, whose website doesn't reveal any details of the design. The plan hasn't been approved, possibly due to the intricacies of zoning at the site, which lies in a Manufacturing District with restrictions against hotel uses at street level (hence the second-floor lobbies at both the Soho Grand to the south and new James New York a block west). If the hotel does rise then Justin Timberlake could have great views of the construction from his new wrap-around terrace just across West Broadway.
· New Building Application: 43 Grand Street [DOB]
· From Metalwork to Luxury Condos: Century-Old SoHo Shop Ends Its Run [NYT]
· 330 West Broadway coverage [Curbed]