Solil Management files plans to build 51K sf Chelsea office building

By Atticus O’Brien-Pappalardo

Solil Management filed a permit application for construction of a 51,430-square-foot office building at 124 West 20th Street in Chelsea.

The plans filed April 15 call for the construction of a 135-foot tall, 10-story, office building.

The project is described in the filings as: filing application to erect a 10-story new building.

According to the plans, the cellar of the proposed building will have office space, while the ground floor will be split between retail spaces, an office lobby, and a school lobby for pre-K and kindergarten. Floors two and three will be used for daycare and classroom space, as well as an outdoor recreation terrace. Floors four through 10 will be used for office space, each equipped with storage space and bathrooms.

The nearly 7,000-square-foot lot is currently used for a parking facility.

Goldman bought the property in June 1968 as part of a $200,000 transaction. There is no debt recorded against the property.

Solil Management, started by real estate mogul Sol Goldman, has a well-documented history of holding onto properties in their massive portfolio and signing long-term leases. Goldman’s real estate empire focused on buying and selling assets, not ground-up construction projects, and even after he died, when his children took over the company, new developments have been few and far between.

Over the last few years, however, there were signs that the firm was pivoting its approach. In 2016, Solil filed plans to build a 12-story, mixed-use building in Tribeca, at 86 Warren Street. At the time of the filing, the project would have been Solil’s largest ever. The Real Deal reported that Michael Goldman, the grandson of Sol Goldman, said, “although historically we have not done many ground-up projects, we see this as a starting point for a potential development platform.”

Yet those plans were abandoned. In May of 2019, Jane Goldman, who has led Solil for decades, signed a ground-lease on the property with an anonymous hotel group, reverting back to Solil’s traditional plan of operation. The lease began on May 21, 2019 and is set to terminate 75 years after the building is complete.

In June of 2019, new plans were filed for 86 Warren. The plans called for an 11-story mixed-use building, complete with apartments, hotel rooms, and an eating and drinking establishment on the ground floor. Paul Taylor of Stonehill and Taylor Architects filed the plans and was listed as the architect for the project.

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