By Morgan Mann '17 and Knute Kvarekvaal '16
On Friday, December 4, 2015 the Real Estate Association (REA) met with representatives from DDG to tour one of their latest projects, XOCO 325, a luxury condominium development located at 325 West Broadway in SoHo, Manhattan. The tour was led by Zip Inayat '13, Senior Development Manager, and Mike Ferry '06, Managing Director. The project is a combination of ground-up development facing Broadway and a landmark renovation on the Wooster side, connected by an open-air garden. The finished XOCO 325 will be comprised of twenty-one luxury residences and two ground floor retail units. The residences will vary in size from one to four bedrooms, including two penthouse units. Views from the top-floor terraces include the Empire State Building to the north and One World Trade Center to the south. DDG is the developer, architect, builder and property manager on the project. DDG’s attention to detail and luxury finishes can be seen throughout and the façade gives a nod to the district’s cast iron history.
The tour started on West Broadway, where students were able to get a good view of the exterior and the unique façade. Zip and Mike walked the group through the acquisition process, explaining that DDG was the third owner of the property in the last decade. DDG acquired the property from Lehman Brothers Holdings, Inc. in 2012, which foreclosed on the property in 2009, taking back the keys after ADG-SoHo’s default on its $27 million loan. From that time DDG has made short order of completing the complex rezoning to residential, complying with SoHo’s historical guidelines, and re-entitling the project.
The property had been a chocolate factory since the 1800’s, and was only decommissioned by Tootsie in 2006. DDG has preserved the site’s history by maintaining the buildings along the Wooster frontage in their original appearance, and in naming the project XOCO, or "chocolate" in Catalan. Upon entering the property the group was given an up close view of the design and craftsmanship that the project will be known for. The lobby was an amalgamation of curvilinear design, with custom glazed entry, undulating ceilings, and DDG’s signature board-form concrete throughout. The units upstairs were clean and modern, with open floor plans and spacious kitchens. DDG has created a residential environment that speaks to the historical significance that SoHo has to offer, while providing the luxury that market demands. DDG has executed on a truly unique development, with completion slated for early 2016.
The tour was a unique opportunity for members of Columbia Business School’s Real Estate Association to see a luxury development in its finishing stages. We would like to express our gratitude to Zip Inayat '13 and Mike Ferry '06 for their time, expertise, and hospitality.