Overview

Located in the Soho Cast Iron Historic District, Soho Mews is introducing luxury living to this very traditional area. The location, a block-through former parking lot, is situated between Grand Street and Canal Street on the southern end of Soho.

The developer, United American Land, is a local family-owned organization that purchased the lot a few years ago. Their goal was to create a high-end new construction building in what many see as a “New Yorker’s dream neighborhood.” Though, as they soon found out, several obstacles existed before they could fully realize their ideal development.

In 2003, shortly before they purchased the land, a strict new permitting process was implemented in Soho. The rules state that all new apartments must be a minimum of 1,200 square feet, with particular bulk and height limits, food and drink establishments are not allowed, and all designs must be reviewed by the Landmarks Preservation Commission, the city’s Department of Planning, the Soho community board and local neighborhood groups.

In collaborating with local residents and organizations, UAL was able to attain approvals across the board for Soho Mews, only the second building to do so in the past five years.

Units & Pricing

The design concept, by the New York architectural firm, Gwathmey Siegel & Associates, outlined a development that, while very modern with a bluish-green glass exterior, also evokes the essence of a historic cast iron structure. Created out of varying depths of metal panels and three types of recessed glass, two independent buildings were created for a total of 68 units. The two buildings, one with entry on West Broadway and the other on Wooster Street, feature a range of units including lofts, penthouses and townhouses. The two buildings are connected by a generous private garden designed by landscape architect Peter Walker.

Prices for the 1,200-3,900 square foot units begin at $2.1 million and go up to $11 million. Since sales began in November 2007, over 80% of the building has gone to contract. Of particular interest in the remaining apartments is Townhouse 4, a 3,184 square foot duplex three bedroom/3 bathroom with private garden terrace. With views of the central landscaped garden from two of the three bedrooms, this unit is a serene place to wake up in, if you have enough money for the (estimated) $3,100 monthly carrying costs on this $5.675 million dollar apartment, of course.

A notable selling feature put forth by Corcoran is the ten year 421-a tax abatement, but anybody potential buyers should probably be focusing on the steep asking prices first. Averaging $1 or less per square foot, the carrying costs are actually quite reasonable.

Amenities

In addition to the de rigueur high-end building amenities, such as 24 hour concierge/doorman service, underground parking and a top-of-the-line fitness center, Soho Mews also has distinct benefits for its residents due to the partnerships made with some of its tony neighbors.

Each resident will have a full membership to the New Museum of Contemporary Art, have access to an art information service from ground floor tenant the Art Production Fund, and receive indeterminable “shopping benefits” from Moss on Greene Street and Fort Street Studio. And for those who actually know what it is, vintner service will be provided from local Catalina CentroVini of Houston Street.

Of course, as the typical purchaser of a multi-million dollar property has come to expect, no expense is spared in the residential dwellings either. High-end finishes and fixtures were used throughout all the rooms, including Valcucine cabinetry, Calacatta stone floors and Balsatina countertops. My favorite touch is the timer controlled radiant floors, because personally I would expect my feet to be greeted by a toasty floor after stepping out of a long, relaxing soak in a six foot Kohler “Tea for Two” cast-iron tub.

Location

Coming up West Broadway from Canal Street, it is quite obvious that this development is perilously close to the demarcation line between ritzy Soho and the rest of lower Manhattan. From the southern end you pass by countless six-for-$10 tee shirt stands, knockoff purses being hustled from plastic bags, cramped electronics stores and a Dunkin Donuts on the corner. Conversely, if you walk down from the north, you will pass by much cuter boutiques and expensive cafes.

Across the street is the Soho Grand Hotel, perfect for residents that can’t find the room for visiting family members, and the graffiti-laden building next door looks to be empty and in the process of being torn down.

Only a few blocks away are the Canal Street stations for A, C, E and 1 trains, while the N, R, Q, W and 6 trains are about a five minute walk away, if you can make it through the throngs of tourists looking for a cheap Prada bag (in one piece that is).

Investment Potential

In the two and half months since the building began sales, units have sold quite briskly with only 19% of the units still available. (This is much better than another one of Gwathmey Siegel’s residential buildings, the arguably out of place Sculpture for Living at Astor Place, which received poor reviews and suffered from equally lackluster sales. Due to the good reception of this development and the lack of new construction buildings in this area, this building will most like go the same route as neighboring 40 Mercer or the luxe 15 Central Park West, where multiple units got flipped even before people moved in their belongings.

I would hazard to say investment potential is a B+, with demerits coming from its proximity to grungy Canal Street, as I can’t imagine it going through a radical change any time soon.

This entry was posted on Thursday, February 14th, 2008 at 11:28 pm and is filed under Soho Mews - 311 West Broadway. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.