20 years in the making, 11 Greene Street launches leasing on rare Soho rentals from $10,000/month

By CityRealty Staff | From Downtown Thursday, April 29, 2021

11 Greene Street via Arch Companies

New construction at 11 Greene Street on the corner of Greene Street and Canal Street has been in the works since 2001, but the market downturn and design rejection slowed the process. However, things significantly picked up after newcomer Arch Companies took over the project from Thor Equities and secured a $45 million construction loan in March 2018.

It took some time for the prolific Gene Kaufman’s design to pass muster with the Landmarks Preservation Commission ("Landmarks"), but the approved design pays tribute to historic Soho architecture - the Canal Street façade has corbelled detailing and large windows, and the Greene Street façade features a trabeated metal system and intricate structural configuration of space. Leasing has recently launched on the apartments inside.

Listings show two-bedrooms starting at $10,000/month and a three-bedroom for $14,500/month. Those prices are in line with the local median - according to a recent look at New York’s median rents, Soho is the most expensive neighborhood to rent in with an overall median rent of $9,000/month. One-bedrooms came in at a somewhat attainable median price of $3,443/month, but prices get higher as the apartments get bigger - the median rent of a Soho two-bedroom is $9,995/month, and the median rent on a three-bedroom is a whopping $15,000/month.

↓ All units feature loft-inspired interiors, soaring ceilings, oversized tilt-and-turn windows with automatic blackout shades, Russian white oak floors, central heating and air conditioning, and in-unit Miele washer/dryer.

Interiors via Serhant

↓ High-tech features include Latch keyless entry and Crestron smart home systems.

↓ Kitchens are outfitted with white lacquer Europlak soft-close cabinetry, eat-in waterfall islands, Caesarstone Calacatta Nuvo countertops, and a suite of Miele appliances.

↓ Home office alcoves allow for flexible layouts and bonus space.

↓ Primary bedrooms enjoy walk-in closets.

↓ Primary baths are finished with custom double vanity, Marmont Matte porcelain floors, Toto toilet, step-in shower, and deep soaking tub.

↓ All baths have brushed nickel fixtures and radiant heated floors.

↓ One-bedroom units with home offices start at $10,000/month.

↓ A one-bedroom with home office, mezzanine space, and a private terrace is listed for $14,500/month.

↓ A true two-bedroom is listed for $14,500/month.

Residents will appreciate amenities like a fitness center, mail room, bike room, laundry room, and roof deck. However, they will be especially happy to live in a bustling downtown area where Soho meets Tribeca. Popular shops, restaurants, nightlife, fitness, and transportation in both neighborhoods can be found on surrounding blocks. The rapidly transforming Hudson Square is a short walk to the west, and just doors away, a store loft building at 351 Canal Street is undergoing a major renovation that could potentially include a ground-floor retail space with 25' ceilings. The remainder will be converted to office space.

11 Greene Street is a rare new construction rental in Soho, but there will be significantly more than that if the much-discussed rezoning goes through - it was submitted for formal review at the beginning of April. Interestingly enough, housing was not a priority when the request for rezoning was initially proposed in 2015, but that is now the main topic of discussion where the rezoning is concerned. If the plan goes through as it stands now, it would have room for 2 million square feet of residential space, or 3,231 new housing units. Of the potential new housing units, the city estimates that between 328 and 494 units would be made affordable under the Mandatory Inclusionary Housing program. However, if every site was developed and converted, this could go up to as many as over 900 affordable units.

Gothamist points out that the majority of the new development is expected to take place on the fringes of the historic districts. The proposed rules would also allow for the conversion of office and industrial buildings, though such a venture would require Landmarks' approval. Additionally, the artists who put Soho on the map and still live there would not be evicted from their live-work lofts to make way for new housing. This is not enough to ease the most ardent preservationists, which could put the plan in doubt when it’s the local community board’s turn to weigh in on the proposal. However, elected officials and mayoral candidates alike have spoken in favor of the rezoning. In a recent speech about his affordable housing plan, Andrew Yang pointed out that “not a single unit of affordable housing has been built in Soho in the past eight years.” If the rezoning is approved, we can only hope it will happen in less than 20 years.