Here's a blast from the past: the former Syms store at 42 Trinity Placeonce described as "comically depressing"is being shopped around as a development site that could potentially birth the FXFOWLE-designed tower rendered above. But no matter what rises, it will be better than the fugly bunker that currently exists. It's been awhile since this beleaguered site, which includes 67-81 Greenwich Street, was in the news, so let's refresh.
Rumors of a development at the site first arose in 2008, when the clothing retailer had purchased air rights from a neighbor and was reportedly looking to build a tower. But Syms was kind of shady about the whole thing, and the company's investors accused Syms of trying to scam them by privatizing before cashing in on its real estate. Nevertheless, the company continued to buy up the surround properties, but things halted when the market tanked.
In 2011, Syms filed for bankruptcy, then 10 months later, the company emerged as Trinity Place Holdings with the goal of maximizing "the value of its commercial real estate." And in Manhattan, there's no better way to maximize profits than by selling to a condo developer. The site can hold a 300,000-square-foot mixed-use building as of right, and it could look something like this:
· Action heating up on Midtown South buildings [NYP]
· Syms Corp. Emerges from Chapter 11 as Trinity Place Holdings Inc. [BW]
· All 42 Trinity Place coverage [Curbed]
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