11 Greene Street

NEW YORK CITY—It now appears that the ongoing “start and stop” story of the luxury rental development at the highly coveted SoHo location of 11 Greene St. will finally come to a conclusion with its completion anticipated in 2019.

Arch Companies and its partners, under the entity 11 Greene Street, LLC, are now the developers and managers of the project, having acquired the land leasehold from Sol Goldman Investments for an undisclosed amount. Last week they closed on a financing transaction, receiving a $45 million construction loan from Maxim Capital Group.

They are proceeding with the Gene Kaufman architectural plans that first began in 2001. Prior to Arch's involvement, delays in design approval, economic downturns, and bankruptcies of two developers resulted in the ground-up construction on the cobblestone-lined street at the intersection of Greene and Canal streets frequently coming to a halt.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.