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Despite History of Failure, Greene St. Site May Finally Rise

It's been over two years since there's been word of the ailing, undeveloped lot at 11 Greene Street but TRD is reporting that Ruby Ventures and newbie Colt Equities (another firm founded by the progeny of a development magnate; this time, the son of Thor Equities CEO Joe Sitt) signed a $13.5 million lease with owners Sol Goldman Investments for the site that currently serves as a surface parking lot. The lease for the lot, also known as 335-341 Canal Street, extends to 2059—that is, as long as something's erected on the long-grade lot by 2019. If not, the lease expires in 2029.

It doesn't sound like the site's new lessees will let that happen, lest they too fall victim to the Landmarks Preservation Commission which barred the sites former developer and architect—the bankrupt Judo Associates and (who other than) Mean Gene Kaufman—from erecting a hackneyed aluminum and glass imitation structure on the site in the Soho Cast-Iron Landmark District. Hopefully the new lessees have learned from the failures of those before them, especially if they want to actually erect the seven-story mixed-use building with 30 luxury apartments and ground-floor retail already announced for the site. Although a hearing for the building's application is scheduled for May 20, we're not holding our breath 'til 2019.
· Joe Sitt's son snaps up Canal Street ground lease for $14M [TRD]
· All 11 Greene Street coverage [Curbed]

341 Canal Street

341 Canal Street, New York, NY