Revamp NYC Wants to Bring 99 Units to the Financial District’s 160 Pearl Street

Manhattan’s Financial District was once known only for offices and workers, with its liveliness ending at the close of happy hour. But over the last several years, the neighborhood has transformed into a hub of residential communities.

The latest residential project getting added to the mix might be a 99-unit rental. Revamp NYC, a New York-based residential development and property construction firm, has filed an application with the New York City Department of Buildings (DOB) for a new housing development at 160 Pearl Street.

If approved, the proposed mixed-use building would stand 25 stories and include 99 units, as well as amenities such as indoor and outdoor recreation space, a yoga room, and 2,394 square feet of ground-floor retail space.

Revamp’s Israel Tishler submitted the plans and is listed as the property owner on the DOB application, while Navkiran Cheema of KMA Designs is named as the architect and applicant. Revamp and KMA Designs did not immediately respond to Commercial Observer’s requests for comment.

It is unclear if Revamp intends to make 160 Pearl Street an affordable housing property. Under New York’s 485-x tax incentive, buildings with 99 or fewer units can get a significant tax break when building affordable housing, while not being subject to certain construction worker wage requirements that are mandatory in larger projects of 100 units or more.

It’s also unclear whether Revamp plans to demolish the existing six-story commercial building at 160 Pearl Street, which is home to financial consultancy firms Ikahn Capital and Hybrid Funder, as well as Irish pub The Full Shilling in the ground-floor retail space.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.