Developer Edward J. Minskoff Equities Inc. was selected by the city to build a tower on a 90,565-square-foot lot bound by Greenwich, Murray, and Warren Streets, on the urban-renewal site known as “Site 5B.” Lauded by Mayor Michael Bloomberg for its mixed uses, the Skidmore Owings and Merrill–designed building fills out close to one million square feet and provide equal parts market-rate housing and low- and middle-income units.
The 35-story tower brings hundreds of residential units, two levels of below-grade public parking, and major retail businesses around its base -- including a Whole Foods Market and Barnes and Noble bookstore. Its construction created about 300 permanent jobs and 1,000 construction jobs.
Click here to learn more about the project and its groundbreaking ceremony.
The tower opened its doors in April 2008, bringing 390 total residential units to the neighborhood. The building will offer 170,000 square feet of retail space, with a Whole Foods Market, Barnes and Noble bookstore, Bank of America branch office, and several more shops and services already secured.
Designed by Skidmore Owings and Merrill, the building itself consists of three main parts. Topped by a 382-foot-tall tower, the residential condominium tower (101 Warren Street) will be located at West and Warren Streets, next to which an eight-story loft/duplex condominium section will rise another 138 feet (99 Warren Street). On the east side of the project site, there will be an L-shaped rental structure (89 Murray Street), including an eight-story-tall segment on Greenwich Street and a 12-story-tall segment on Murray Street. The fourth address for the site, 270 Greenwich Street, primarily will be used by the retail businesses.
Minskoff Equities’s development entity for the project, 270 Greenwich Street Associates, invested $450 million to erect the new building. It also contributed $7.5 million for the maintenance of Washington Market Park (just north of the site) and $3.6 million towards the 27,600-square-foot community center at 200 Chambers Street.
In the spirit of cooperation, the Lower Manhattan Development Corporation (LMDC) is supplying a $15 million subordinate mortgage for the project, and the developer was afforded $49.8 million from the New York City Housing Development Corporation to help finance construction of the mixed-income portion of the building.
The development’s market-rate condominiums occupy about 50 percent of all units, while 20 percent are to set aside as low-income units and 30 percent as middle-income units. The latter are rented through a city-guided lottery process.
Click here for answers to commonly asked construction questions.
