One block west of Downtown’s tallest residential building at 30 Park Place, another condominium tower is finally getting ready to rise. YIMBY reported on 45 Park Place’s initial building applications back in May of 2014, but it has taken three years to navigate both planning and financing. Now, foundation work is making headway, signaling the skyscraper should begin its ascent within the next few months.
45 Park Place, foundation work making headway, photo by rbrome
The project is being developed by Sharif El-Gamal’s Soho Properties, and will eventually reach 43 floors and 665 feet above street level. The actual site for the tower is incredibly tight, and the fact that anything can be built there at all is a testament to the density of Lower Manhattan, as well as the average price per square foot for new residential space in the neighborhood.
The developer has already said he intends to aim for a sellout exceeding $3,000 per square foot, and there will be 50 units in all, with residences averaging a whopping 2,300 square feet each. Those numbers are rather aggressive for a block that sits at the border of the Financial District and Tribeca, but the various new skyscrapers in the surrounding area — like both 30 Park Place and 101 Murray Street — show that those goals may be achievable.
In any case, the latest renderings show a slender and attractive design. The ground floor of the project will also include a little over 1,000 square feet of retail space.
While the on-site signage gives an expected completion date of October 18, 2018, that seems slightly optimistic, and 2019 would seem more likely. Michael Abboud of SOMA is the project’s design architect, and Ismael Leyva is the architect of record.
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