Continuing our Turkey Week rundown of stalled projects is 45 Park Place, a 43-story residential skyscraper in Tribeca, Manhattan. Designed by SOMA Architects and Ismael Leyva Architects and developed by Sharif el-Gamal of Soho Properties under the Park Place Development Primary LLC, the 667-foot-tall structure was slated to yield 50 condominium units. The property is located between Church Street and West Broadway.
Recent photos show the building in the same state as the fall of 2019, when construction halted shortly after topping out. No new panels of the glass curtain wall have been installed, and the tower and its crane continue to stand eerily quiet along the border of Tribeca and the Financial District. The only addition to the structure in the last five years is three graffiti tags by the artist RAMS, who covertly rappelled down from the concrete pinnacle in September to spray the northern, southern, and eastern faces of the bulkhead.
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
The development was also planned to include a 71-foot-tall, 16,000-square-foot Islamic cultural center at 51 Park Place. Designed by Scott Newman of Cooper Robertson, the building would have risen along the northern corner of the interior lot with a surrounding landscaped public plaza designed by Jean Nouvel.
45 Park Place, rendering by Williams New York
45 Park Place’s financial challenges first began in April 2019, when Domani Inspection filed for an unpaid sum of nearly $50,000 from el-Gamal. At that time, the developer was seeking an additional $200 million condo inventory loan on top of the project’s original $219 million loan. The following year, just before the city shut down from the COVID-19 pandemic, the lending team of Malayan Banking Berhad, Intesa Sanpaolo S.P.A., WARBA Bank K.S.C.P., MSD Capital, and the Saudi Arabian Al Subeaei family initiated a foreclosure against the project’s Park Place Development LLC after it defaulted on the $219 million loan.
Difficulties continued for el-Gamal and 45 Park Place in 2021. In January, general contractor Gilbane Residential Construction filed a suit over more than $15 million in debts. In July, subcontractors Permasteelisa North America, Construction Realty Safety Group, and Domani Inspection Services led a petition to bring the developer into involuntary Chapter 7 bankruptcy for more than $25 million in unpaid work performed in 2019 and 2020. The lenders have also sought foreclosure over at least $117 million in defaulted debts.
The developer had projected a condominium sellout of $408 million, but only 11 of the 50 units sold by April 2019. The remaining 39 homes were taken off the market later that year.
45 Park Place’s fate remains uncertain.
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The building would actually look good if the crown/bulkhead had some green and yellow stained glass that lit up at night, rather than just more rectangular glass panels. Though maybe not RAMS’ intent, we’d be wise to draw inspiration from it 🙂
Almost like the top of 343 Madison Avenue in YIMBY’s other article from this morning?
This stalled tower is not in the millionaire’s area either, so God bless you: Thanks to Michael Young.
although it’s not on the more affluent block of tribeca, the area IS indeed millionaires’ area
I am surprised they just don’t try to sell these underwater buildings. It has been almost six years stalled.
What ends up happening with these. Are they eventually tear downs if no one buys?
I have little doubt most stalled projects in Manhattan will be completed ( if not for their original purpose). Why? A lack of space. What I find interesting is why these projects started and stalled.
There aughta’ be a law..projects need to comply within an agreed upon date of completion or be subject to condemnation by the jurisdiction they are located in. The jurisdiction can float construction bonds to finish the work with a public completion entity who would hold equity in the completed project equal to the pro-rata amount spend to complete the project subject to an appraisal, previous secured parties would own their pro-rata share based on the new appraisal. The PCE (public completion entity) could sell their interest or retain ownership to provide affordable housing. Their are numerous examples of building like this in major world cities. These building are public eyesore’s, diminish property values, and are stranded assets subject to our complex property, business, zoning rules.
Finally, some ‘background’ info..Thank You !
And how did that graffiti get up there at the very top ? 😀
Only one winner here—RAMS!
Whatever happened to Completion Bonds? I thought these were required so as to prevent exactly what has happened here: A stalled tower to forever be seen this uncompleted state.
I can’t believe somebody hung by a rope to tag the top.
I know right! Must not have been the first time for RAMS to do so
People ride on top of subway cars too.