Related Companies and its partners have secured an $88 million construction loan from Deutsche Bank AG for the development of 300 Lafayette Street in the SoHo district of Manhattan, Real Estate Capital has learned.
Related Companies and LargaVista Companies have broken ground on the planned 80,000 sq ft, seven-story mixed-use building. It will feature 50,000 sq ft of boutique office space — on floors three through seven — atop 30,000 sq ft of retail on the lower level, ground and second floors.
The boutique office portion of the building will include a separate lobby and at least 2,300 sq ft of landscaped outdoor terrace space on each floor. The building owners plan to meet US Green Building Council standards for Leadership in Energy and Environmental Design (LEED) Silver Certification.
“It has been more than a century since anyone has undertaken the development of a new ground-up office building in SoHo,” said Related Companies CEO Jeff Blau in a statement announcing the groundbreaking. “The neighborhood is ripe for a new generation of office and retail space that puts green space and sustainability at the forefront of the design, and we have already received a great amount of interest from commercial tenants.”
AIG provided a previous $40 million mortgage to the developers for the fee simple interest in the development site back in November of 2014, city property records show.
JLL was selected to handle the leasing of the property. Construction is slated for completion in early 2018.