NEW YORK CITY—A new joint venture between Colt Equities and RubyVentures has acquired the leasehold of 11 Greene St. and plans tobuild a mixed-use development at the site.

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Located on a historic, cobblestone SoHo street, the propertyoffers 172 feet of frontage on Greene Street and over 65 feet onCanal Street. The site—which is currently being operated as asurface parking facility—consists of a 13,090 square foot lot,which allows for the development of a building featuring more than75,000 gross buildable square feet, including sub-grade space in aseven-story envelope.

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Plans for the property include approximately 16,000 square feetof ground-floor and lower-level retail space as well as over 30luxury residential rental units above, with a partial mezzaninelevel.

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“SoHo continues to be one of the most unique and vibrantneighborhoods in all of New York City,” says IlanRubinstein, managing partner of Ruby Ventures. “ThisGreene Street property holds enormous potential for chic retailersand will feature state-of-the-art residences designed with thefinest and most luxurious amenities this city has tooffer.”

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“With its five-star dining, signature shopping and primeapartment buildings and hotels, SoHo is a top-tier neighborhood forresidents and tourists alike,” says Jack JosephSitt, founder of Colt Equities. “The ability to developthis property into a world-class residential and retail property isa rare opportunity, and one which provides unmatched potential in ared-hot real estate market.”

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The Greene Street property offers retail brands a prime locationclose to luxury retailers Stella McCartney, Tiffany's, Chanel, MarcJacobs, Prada and many more. SoHo has undergone a revitalization inrecent years and there are reports that Google will open its firstbrick-and-mortar store just a few blocks from 11 Greene St.

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“The commercial and residential real estate market in SoHo isbooming and there is no better location for luxury living andbest-in-class shopping than Greene Street,” Rubinstein adds. “11 Greene Street will encompass both of these characteristics andserve as a symbol of why SoHo continues to be among Manhattan'shottest neighborhoods.”

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.