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For Immediate Release: Monday, December 05, 2005 Lighthouse Real Estate Ventures Receives Residential Development Variance For 350 West Broadway New York City, NY – December 5, 2005 -- Lighthouse Real Estate Ventures announced today that it has received a use variance permitting residential development of 350 West Broadway, one of the most important buildings on the central corridor of the prime Soho neighborhood in lower Manhattan. The existing three-story building, located between Broome and Grand Streets, has been vacant since its construction in 1987. Lighthouse intends to restore the extraordinary notoriety of this neighborhood beacon, which was described by the Soho Journal earlier this year as having a central if mysterious role as “that building” on one of the neighborhood’s most upscale blocks. The newly renovated building will be 11 stories tall, reaching a height of 125 feet. The unit mix will consist of four 3-bedroom, eight 2-bedroom and seven 1-bedroom residences. Each will have 10-ft. ceilings, creating a loft-like environment within a modern design. Due to its location on West Broadway, the building will feature extraordinary light and air in all directions, particularly above the sixth floor. All units will enjoy an outdoor space configuration, ranging from Juliet balconies to terraces in excess of 500 sq. ft. Other planned amenities will include a health club overlooking a shared common terrace. At street level, the property will showcase 6,800 sq. ft. of retail space, in addition to the entrance lobby for the residential units. The retail space will have a mix of 14-ft. and 28-ft. ceiling heights. According to Jeff Ravetz of Lighthouse, “We are excited to move forward with the development of this outstanding project. While the north half of the building will be redeveloped, the south half of the building will be demolished and replaced with a new structure. The property will finally match the extraordinary international aesthetic exemplified throughout Soho. Rogers-Marvel Architects and Elliot Vilkas, AIA, have crafted a superlative design that will attract retailers and buyers from New York City, around the country and overseas.” 350 West Broadway is expected to be ready for occupancy in October 2007. For information, contact Jeff Ravetz at (516) 887-8900. About Lighthouse Real Estate Ventures Lighthouse Real Estate Ventures, Inc. (www.lighthouserev.com) is a real estate investment company specializing in transforming under-managed properties performing at below market levels into valuable, high occupancy, quality tenanted assets. Leveraging the partners’ combined experience in capital renovation and redevelopment, carefully planned leasing strategies, and responsive, hands-on management, LREV has acquired and substantially improved over 2 million square feet of commercial and mixed-use space throughout Long Island and the New York metro area. |