A project to transform an MTA-owned parking lot in Soho into a mixed-use building is finally moving forward after developers closed on the sale of the lot for $25.8 million last week, the Wall Street Journal reports.
Madison Capital and Vornado Realty Trust are planning retail and offices for the building set to rise at 606 Broadway, which is located in the Soho Cast Iron Historic District. And seeing as it's in a historic district, the project spent the last few years getting approval from the city's Landmarks Preservation Commission, and went through the Uniform Land Use Review Procedure (ULURP) in order to move forward.
The lot is currently used by the MTA to park emergency response vehicles. As part of the deal, the developers purchased another lot at 6-8 East 20th Street for $13 million, where these emergency vehicles will be relocated, once construction on the mixed-use building gets underway.
The developers have also secured a $65 million construction loan for the project. Once complete (sometime in 2018) this $80 million building will include 11,500 square feet of retail on the first and second floors and close to 23,000 square feet of offices above that.
This project will rise next to the COOKFOX-designed office building at the corner of Lafayette and East Houston, the former site of a BP Gas station.