Ironstate shelled out $150 million last year for a 49-year lease at 363 Lafayette Street in NoHo, right in the heart of New York University’s territory. Now, they’re planning a nine-story office building on the site between Great Jones and Bond streets.
New building applications filed yesterday call for a 36,068-square-foot building on the 5o-foot-wide lot. It’ll hold 8,325 square feet of community facilities and 27,743 square feet of commercial space.
Thanks to the industrial zoning that also affects the area, developers can’t build new apartment buildings on this stretch of Lafayette Street without a special permit from the City Planning Commission. That light industrial zoning (M1-5D) also allows community facilities, which function as a bonus because they give developers extra floor area on top of the allowed commercial or industrial space. Although the community space typically becomes medical offices, Ironstate may have another use in mind.
Retail and a lobby will occupy the first floor, followed by a mix of community facilities and offices on the second and third floors, and the remaining six floors will be devoted to office space.
We wonder if this property will be marketed directly to NYU, which owns dozens of buildings on the surrounding blocks. In that case, the community space could become classrooms, or possibly offices for a non-profit.
Morris Adjmi Architects will design the project, which will need approval from the Landmarks Preservation Commission. The triangular property sits inside the Noho Historic District Extension.
Hopefully new construction at 363 Lafayette will jump start work at the long-stalled eyesore next door, a half-finished residential building that’s been largely abandoned since the recession.
This is not Ironstate’s first venture in and around Greenwich Village. They recently finished an 82-unit condo building called “The Jefferson” on 13th Street between Second and Third avenues in the East Village. The Hoboken-based firm also purchased the Cooper Square Hotel four years ago and rebranded it the “The Standard East Village” after a renovation. Elsewhere in the city, they’re developing 571 rental apartments in Stapleton, on Staten Island’s North Shore.