Solil Management, a New York real estate company not known for new construction projects, has filed plans to build a 12-story mixed-use building at 86 Warren Street in Tribeca. According to The Real Deal, which first reported the news, the company has traditionally "signed long-term ground leases with developers and tenants who have been eager to snap up the development-ready properties." Solil Management controls the assets of the late real estate mogul Sol Goldman, but the latest generation’s leadership has brought a change in strategy.
The Tribeca development will be Solil’s largest project to date. Building permits show that a 55,000-square-foot building will replace the current parking lot, with 40 rental apartments and 5,600 square feet of retail space. The lower floors will hold five apartments each, while the eighth through twelfth floors will both hold two units. There will also be a roof deck with private and common terrace space. The architect of record is BKSK.
Besides this new construction project, Solil Management has more than 240 longterm holdings in Manhattan, according to TRD. And some prominent developers, like Extell Development and Shorenstein Realty Services, control leases on the company’s land.
This project may signal more new development to come from Solil: "Although historically we have not done many ground-up projects, we see this as a starting point for a potential development platform," Michael Goldman, grandson of Sol Goldman, told TRD.