For a long time, the Financial District in Lower Manhattan was considered a purely working and office district, where bustle quickly subsided at the end of the working day. Over recent years, however, this historic neighbourhood has undergone a noticeable transformation, developing into a sought-after residential location. A new development scheme at 160 Pearl Street could now expand this offering by 99 rental flats.
New York developer and contractor Revamp NYC has filed a corresponding planning application with the New York City Department of Buildings (DOB). According to current plans, a 25-storey mixed-use high-rise is to be built on the site. Israel Tishler of Revamp submitted the documentation and is listed as the property owner in the regulatory filing, whilst Navkiran Cheema of practice KMA Designs serves as the project architect.
Planned space use and amenities
Alongside the 99 residential units, the design provides various amenities for future residents. These include indoor and outdoor lounge and recreational areas, as well as a dedicated yoga room. On the ground floor of the new development, 2,394 square feet of retail space is also planned to enliven the streetscape.
- —Developer: Revamp NYC (Israel Tishler)
- —Architecture: KMA Designs (Navkiran Cheema)
- —Building volume: 25 storeys with 99 residential units
- —Commercial space: 2,394 square feet of retail on the ground floor
Tax framework and existing site conditions
It is not yet publicly known whether Revamp NYC intends to deliver subsidised housing at 160 Pearl Street. Sizing the scheme at exactly 99 units is noteworthy in the context of New York's 485-x tax programme: residential buildings with up to 99 flats can claim substantial tax relief when providing affordable housing, without being bound by the strict construction wage requirements that apply to larger schemes of 100 units or more.
It also remains unclear how the existing building on the plot will be addressed. A six-storey commercial building currently occupies the address, housing financial advisory firms Ikahn Capital and Hybrid Funder, among others. The ground-floor commercial space is occupied by the Irish pub The Full Shilling. Whether the existing building is to be demolished is not yet clear from the filings; the companies involved have so far not commented on the plans upon request.
