Between their rich histories, striking architecture, abundance of top restaurants, shops, and nightlife, and convenient access to the rest of the city, Downtown neighborhoods like Noho, Soho, and Tribeca remain some of the most sought-after addresses in New York. A recent CityRealty report confirmed their enduring allure: these areas consistently boast some of the city’s highest-priced listings, most expensive sales, and fewest availabilities, with fewer than 350 active listings across all three neighborhoods.
Yet some fear these neighborhoods are becoming victims of their own success, shifting from their creative roots into enclaves for the wealthy. At a June 2023 Landmarks Preservation Commission ("Landmarks") hearing, one resident described present-day Soho as “a neighborhood for the rich and rent-controlled."
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That sentiment resurfaced in October 2025, when Canal Projects announced it would close its arts space at 531 Canal Street and transition into a grant-making body. The decision, driven by the high costs of maintaining an older building, reflects broader pressures facing arts institutions citywide. While the building’s future remains uncertain after Canal Projects’ departure in May 2026, a residential conversion would not be unthinkable.
Steps are being taken to make these Downtown districts more accessible to new residents. In December 2021, the New York City Council approved a plan to rezone Soho and Noho to allow for more housing, including affordable units. Since then, multiple new projects have been filed, and citywide initiatives such as City of Yes for Housing Opportunity and Affordable Neighborhoods New York (485-x) aim to streamline development and adaptive reuse.
Below, we highlight a few of the new projects underway in Noho, Soho, and Tribeca. Some are destined for the ultra-luxury market, others are rentals that will include affordable components, and all will do a small part to satisfy the incredible demand to live and work in these beloved neighborhoods.
Noho
20 Great Jones Street
Developed by MAG Partners | Design by SHoP Architects
199 units | 16 stories
199 units | 16 stories
Renderings of 20 Great Jones Street (SHoP Architects)
The northeast corner of Lafayette Street and Great Jones Street is located in the heart of the rezoning. The space is currently occupied by a parking lot, but a schematic design by SHoP Architects depicts a dramatic departure from that. Renderings show a new building towering over its nearest neighbors, but the surrounding historic architecture is reflected in its oversized windows. The massing steps back on upper-level corners to create both garden terraces and a more striking silhouette. This design was prepared at the request of developer MAG Partners for a project that was feature 199 housing units, about 50 of which would be affordable.
However, in November 2025, Crain's New York Business announced that Edward J. Minskoff Equities ("Minskoff") and Edison Properties were planning a 238-unit residential project for the site. Edison Properties owns the parking lot, and Minskoff closed on a 99-year ground lease to develop the site in summer 2025.
The two had previously discussed an office building for the site, but a residential project became more attractive between the rezoning and the 485-x affordable housing tax break. The wage requirements in the tax break inspired them to construct the project as two buildings rather than one; it is not clear how the units would be divided between the two buildings. They hope to start construction in early 2027 with an estimated 2029 completion. The project is still in extremely early stages, though; permits have not yet been filed.
Soho
392 West Broadway
Developed by Cofinance Group | Design by Michael Zenreich Architect
4 units | 5 stories
4 units | 5 stories
On Tuesday, October 28, Landmarks voted to approve developer Cofinance Group's plan to convert 392 West Broadway, an Italianate-style loft building dating back to 1872 and located in the Soho-Cast Iron Historic District, to a boutique condominium. The project seeks to build a penthouse addition, remove fire escape, replace windows, and extend parapets. The hearing came about two months after developer Cofinance Group acquired the building for $21 million in August 2025.
The building will retain a retail tenant (denim company 7 For All Mankind currently has an outpost there) and feature floor-through 3-bedroom, 3.5-bath units with direct elevator access, home office space, and fireplaces on floors 2-4. The penthouse will have four bedrooms, four and a half baths, a steam shower in the primary bath, a private sauna, and a private roof terrace. Amenities are set to include a mail/package room, a basement-level gym with sauna, bike storage, and private storage. Images in a presentation by by Michael Zenreich Architect show that the penthouse addition is visible from the street, but not obtrusively so.
The building will retain a retail tenant (denim company 7 For All Mankind currently has an outpost there) and feature floor-through 3-bedroom, 3.5-bath units with direct elevator access, home office space, and fireplaces on floors 2-4. The penthouse will have four bedrooms, four and a half baths, a steam shower in the primary bath, a private sauna, and a private roof terrace. Amenities are set to include a mail/package room, a basement-level gym with sauna, bike storage, and private storage. Images in a presentation by by Michael Zenreich Architect show that the penthouse addition is visible from the street, but not obtrusively so.
All images of 392 West Broadway via Michael Zenreich Architect for Landmarks Preservation Commission
40 Wooster Street
Developed by Astral Properties | Design by Melamed Architect
4 units | 6 stories
4 units | 6 stories
40 Wooster Street (CityRealty)
In May 2024, Landmarks approved an application to remove fire escapes and construct a rooftop addition at 40 Wooster Street in preparation for a residential conversion. The hearing came months after Astral Management purchased the office building from Northwind Group for $14.8 million (h/t Crain's New York Business) and announced plans for a luxury rental. It will feature ground-floor retail, floor-through two-beds on floors 2-4, and a duplex penthouse with a private pool on floors 5-6.
52 Thompson Street
Developer unknown | Design by Nova
11 units | 17 stories
11 units | 17 stories
Rendering of 52 Thompson Street (Nova)
Architect Nova revealed a schematic design for a mixed-use tower on the corner of Thompson and Broome Streets. The design shows a pale facade inspired by historic Soho architecture and calls for large apartments from floors 15 up, with two-story apartments on the uppermost floors. However, the client was not identified, and permits have not been filed.
In March 2025, the landlord of popular Mediterranean restaurant Pera Soho sued the landlord, SME Capital Ventures, accusing it of trying to force them to leave the building early as part of a scheme to sell it at a profit.
In March 2025, the landlord of popular Mediterranean restaurant Pera Soho sued the landlord, SME Capital Ventures, accusing it of trying to force them to leave the building early as part of a scheme to sell it at a profit.
30-32 Thompson Street
Developed by Extended Management | Design by Fogarty Finger
121 units | 19 stories
121 units | 19 stories
Prior diagram (NYC Department of Buildings)
In late October 2025, permits were filed for a pair of 19-story buildings to rise at 30 and 32 Thompson Street, just outside the Soho-Cast Iron Historic District. 30 Thompson Street will be entirely residential and contain 44 units. 32 Thompson Street will have 77 units starting on top of 9,185 square feet of retail space.
This represents the latest and firmest plan for the site. Developer Daniel Hollander initially conceived of an office building, but Covid put the kibosh on that and he sold the site to Extended Management for $13 million in January 2022. In December 2024, Extended Management announced plans for a pair of 26- and 23-story towers with a total of 98 units, possibly in response to wage requirements imposed by 485-x (h/t The Real Deal).
This represents the latest and firmest plan for the site. Developer Daniel Hollander initially conceived of an office building, but Covid put the kibosh on that and he sold the site to Extended Management for $13 million in January 2022. In December 2024, Extended Management announced plans for a pair of 26- and 23-story towers with a total of 98 units, possibly in response to wage requirements imposed by 485-x (h/t The Real Deal).
130 Lafayette Street
Developed by Trammell Crow | Design by Marvel Architects
104 units | 25 stories
104 units | 25 stories
Rendering of 130 Lafayette Street (Marvel Architects)
Construction is underway on 130 Lafayette Street, a rental building located almost exactly at the point where Soho gives way to Tribeca. Permits were filed shortly after the developer paid about $14.7 million for the 99-year ground lease at the vacant development site (h/t Crain's New York Business), and renderings depict a red brick building with oversized windows.
The project will include ground-floor retail space and 104 rental units, a portion of which will be affordable. Residential amenities will include a fitness center, a coworking lounge, a tea room, a dining room with demonstration kitchen, and two outdoor terraces. The Canal Street 6 and N/Q/R/W trains are located a short distance from the site.
The project will include ground-floor retail space and 104 rental units, a portion of which will be affordable. Residential amenities will include a fitness center, a coworking lounge, a tea room, a dining room with demonstration kitchen, and two outdoor terraces. The Canal Street 6 and N/Q/R/W trains are located a short distance from the site.
277 Canal Street
Developed by United American Land | Design by Morris Adjmi Architects
100 units | 13 stories
100 units | 13 stories
Rendering of 277 Canal Street (Morris Adjmi Architects)
Also known as "the Oltarsh Building" in honor of its designer, 277 Canal Street was constructed as the first movie theater in Soho in 1927. Nearly 100 years later, in October 2023, it was the first project to be approved for the Soho-Cast Iron Historic District extension following the rezoning. Landmarks approved plans to expand the existing building from three stories to 13. Morris Adjmi Architects will preserve the existing building while putting on a context-sensitive addition made of brick, metal, terra cotta, and bronze-toned aluminum.
The apartments will start on top of 10,000 square feet of retail space, and are set to comprise 20 studios, 45 one-bedrooms, and 35 two-bedrooms. 25 of them will be designated as affordable under Mandatory Inclusionary Housing.
The apartments will start on top of 10,000 square feet of retail space, and are set to comprise 20 studios, 45 one-bedrooms, and 35 two-bedrooms. 25 of them will be designated as affordable under Mandatory Inclusionary Housing.
One Grand, 2 Hudson Square
Developed by Taconic Investment Partners and Nuveen Real Estate | Design by SHoP Architects
450,380 square feet | 26 stories
450,380 square feet | 26 stories
Renderings of One Grand (Taconic Investment Partners)
In October 2019, Taconic Investment Partners and Nuveen Real Estate signed a 99-year ground lease on a development site in the southeast section of Hudson Square. In 2021, the team announced plans for a new office tower with a 444-seat public school for grades K-5 on the first five floors with an outdoor playground on the fifth floor. And in March 2024, the team unveiled new renderings for the project branded One Grand.
A brochure for One Grand depicts office space with 14' ceilings, full-height windows, terraces and loggias, and amenities like a lobby with coffee bar, a high-tech auditorium, bike storage, and a roof deck with curated landscaping and 360-degree views. The building itself will have solar shading, energy recovery systems, and a fully electrified HVAC system. Permits were approved in 2022, but construction will not begin until an anchor tenant is secured for the project.
A brochure for One Grand depicts office space with 14' ceilings, full-height windows, terraces and loggias, and amenities like a lobby with coffee bar, a high-tech auditorium, bike storage, and a roof deck with curated landscaping and 360-degree views. The building itself will have solar shading, energy recovery systems, and a fully electrified HVAC system. Permits were approved in 2022, but construction will not begin until an anchor tenant is secured for the project.
301 Canal Street
Developed by United American Land | Design by Morris Adjmi Architects
1 story
1 story
A new project for the northeast corner of Canal Street and Broadway has been a long time coming. In 2017, Landmarks approved an eight-story commercial building designed by Morris Adjmi Architects. Permits were filed in February 2020, shortly before the pandemic put New York City on lockdown. Since then, United American Land concluded that "the office market [is] not viable at present" (h/t Crain's New York Business) and announced plans for a single-story commercial building instead. The project called for demolishing dilapidated buildings at 301 Canal Street and 419-421 Broadway, and renovating a Federal-style townhouse at 423 Broadway. Landmarks approved this project in June 2024.
Rendering of 301 Canal Street (Morris Adjmi Architects for Landmarks Preservation Commission)
Tribeca
312-322 Canal Street
Developed by Trans World Equities | Design by Paul A. Castrucci Architects
21 units | 7 stories
21 units | 7 stories
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Rendering of 312-322 Canal Street (Paul A. Castrucci Architects)
In January 2018, Landmarks approved a design proposal for 312-322 Canal Street. The design draws inspiration from surrounding cast-iron structures, and renderings show a building with a red facade in line with its neighbors. The building is to feature ground-floor retail space, 21 residences spread across floors 2-6, and a seventh-floor penthouse with a private roof terrace.
14 White Street
Developed by Nava Companies | Design by Kurv Architecture
7 units | 7 stories
7 units | 7 stories
Rendering of 14 White Street (Nava Group)
By virtue of its address on a triangular site said to be a legacy of the southern extension of Sixth Avenue, 14 White Street is distinguished by a Flatiron-esque design. This is underpinned by high-performance windows and a continuously insulated rain screen envelope beneath a metal-clad exterior.
Interiors are to feature seven units ranging from 1,200-square-foot two-bedrooms to nearly 4,000-square-foot four-bedrooms starting on top of ground-floor retail space. Information is not available on amenities, but its greatest perk may be an address in the Tribeca East Historic District near the Roxy Hotel, Michelin-starred dining, popular Tribeca retail, and the Canal Street A/C/E and N/Q/R/W trains.
Interiors are to feature seven units ranging from 1,200-square-foot two-bedrooms to nearly 4,000-square-foot four-bedrooms starting on top of ground-floor retail space. Information is not available on amenities, but its greatest perk may be an address in the Tribeca East Historic District near the Roxy Hotel, Michelin-starred dining, popular Tribeca retail, and the Canal Street A/C/E and N/Q/R/W trains.
31 Lispenard Street
Developed by Urban Standard | Design by GF55
5 units | 7 stories
5 units | 7 stories
Rendering of 31 Lispenard Street (Urban Standard)
In late 2019, Landmarks voted to approve a certificate of appropriateness to demolish a one and a half-story brick building on the corner of Lispenard and Church Streets in the Tribeca East Historic District. Demolition permits were filed in June 2020, when New York was still on pandemic-induced lockdown, and little information has emerged on the project since then. Early renderings show a sleek, light-colored building with arched windows on every floor above ground-floor retail space.
32 Walker Street
Developed by Urban Capital Group LLC | Design by SOMA
5 units | 6 stories
5 units | 6 stories
In the Tribeca East Historic District, a boutique condominium is in the works on the corner of Church and Walker Streets. The project combines a new limestone-clad building with a 19-century cast iron building, an endeavor that is not without its challenges, but in a May 2025 interview, Urban Capital Group principal and founder Cedric Abboud pointed out that the loft buildings were solid to begin with, having been constructed for light manufacturing, and the final structure will be as solid as ever with the right planning.
All five floor-through three- to four-bedroom residences will feature high ceilings, expansive windows, high-end finishes, and open floor plans reminiscent of classic Tribeca lofts. The building rose on the former site of popular bar Belle Reve, and Mr. Abboud's dream retail tenant would be a cafe or gallery space that "not only serves the local community but also helps foster connection among residents." An offering plan was filed in May 2025, completion is estimated for the second quarter of 2026, and sales could launch any day now.
All five floor-through three- to four-bedroom residences will feature high ceilings, expansive windows, high-end finishes, and open floor plans reminiscent of classic Tribeca lofts. The building rose on the former site of popular bar Belle Reve, and Mr. Abboud's dream retail tenant would be a cafe or gallery space that "not only serves the local community but also helps foster connection among residents." An offering plan was filed in May 2025, completion is estimated for the second quarter of 2026, and sales could launch any day now.
Google Earth aerial showing 34 Walker Street
88 White Street
Developed and designed by Manuel Glas
32 units | 13 stories
32 units | 13 stories
Diagram of 88 White Street (Manuel Glas Architects)
In March 2025, demolition permits were approved for 88 White Street, an over 100-year-old brick building that has, over the years, housed an oil cloth manufacturer, a car accessories factory, and artists' lofts (h/t Tribeca Citizen). A 13-story residential building containing 32 residential units will rise on the site. The project will also contain nine parking spaces, but it is located in close proximity to the Canal Street and J/Z trains.
65 Franklin Street
Developed by Sky Equity Group LLC | Design by Hamish Whitefield Architects
89 units | 20 stories
89 units | 20 stories
Rendering of 65 Franklin Street (Rabsky Group)
Construction is underway again at 65 Franklin Street, a site on the corner of Franklin Street and Broadway, and a new project has been a long time coming. Developer HAP Investments bought the site for $46 million in February 2018 and filed plans for a 19-story, 41-unit condominium soon after. That project stalled between the pandemic and demolition that compromised surrounding buildings, and HAP Investments ultimately sold the site to an entity linked to Rabsky Group for about $58 million in February 2025. The developer purchased the surrounding sites that were damaged in the demolition in a move that will allow a much larger project than originally planned to take shape.
Development rights will also help with that, and the individual landmark across the street at 67 Franklin Street (also known as 361 Broadway) seeks to help with that. There was no chance to transfer development rights when 67 Franklin Street's restoration and conversion to luxury condominium Cast Iron House were underway, but City of Yes for Housing Opportunity offers individual landmark owners greater flexibility in this regard. A portion of proceeds from the development right sale are to go into a maintenance fund for the individual landmark. In October 2025, Landmarks unanimously voted to issue a favorable report, on the condition that 10% of gross proceeds of each transfer of development rights be deposited into the maintenance program fund.
Cast Iron House across from 65 Franklin Street (Higgins Quasebarth & Partners for Landmarks Preservation Commission)
101 Franklin Street
Developed by Cannon Hill Capital Partners | Design by Rafael Vinoly Architects
71 units | 21 stories
71 units | 21 stories
Tribeca is well known for its residential buildings that were constructed for another purpose decades ago, and 101 Franklin Street is the latest case in point. This circa-1948 office building long served as the headquarters for the New York City Human Resources Administration and Department of Social Services; but after the government offices moved to Brooklyn, a joint venture bought the building and embarked on a residential conversion that will include a modern new building envelope. It is located across the street from skyline standout 56 Leonard Street and in close proximity to the Roxy Hotel and Cinema, popular restaurants and spas, and local and express trains at Chambers Street.
101 Franklin Street, fall 2025 (CityRealty)
139 Franklin Street
Developed by Broad Street Development and TPG Angelo Gordon | Designer TBD
18 units | 10 stories
18 units | 10 stories
139 Franklin Street (Broad Street Development)
In July 2025, a joint venture between Broad Street Development and TPG Angelo Gordon acquired 139 Franklin Street from the Sofia family, which operated it as a self-storage facility, for $43.5 million. The building in the Tribeca West Historic District stands out for its neo-Renaissance design elements and ornate terra cotta facade. When Tribeca Citizen announced the sale, it reported that this is the first in a series of residential projects that the developer will work on under the Broad Street Bespoke brand.
As permits have not yet been filed, details are not yet available about interiors or amenities. However, future owners can be assured of 13-foot ceilings and oversized windows, and a Broad Street Development executive quipped that its history as a storage facility means it has strong floors.
As permits have not yet been filed, details are not yet available about interiors or amenities. However, future owners can be assured of 13-foot ceilings and oversized windows, and a Broad Street Development executive quipped that its history as a storage facility means it has strong floors.
143 Franklin Street
Developed by CNY Group | Designer TBD
10 units | 6 stories
10 units | 6 stories
In late 2024, developer CNY Group bought the six-story commercial building at 143 Franklin Street for $35.6 million with the intention of converting it to a 10-unit boutique condominium. Permits have not yet been filed for the residential conversion, but its address in the Tribeca West Historic District means any alterations to the red brick exterior (e.g., removal of the fire escapes) must received Landmarks' approval. It is located on a cobblestone street near popular Tribeca dining and the Franklin Street 1 train.
New Independence Plaza tower
Developed by Vornado Realty Trust and Stellar Management | Design by Morris Adjmi Architects
900 units | 940 feet high
900 units | 940 feet high
In late 2023, a joint venture between Vornado Realty Trust and Stellar Management proposed adding a fourth residential tower to the Independence Plaza complex in Tribeca. It was planned to be built as-of-right, and the developers had plans to enhance the pedestrian experience along Greenwich Street.
In late 2024, the project was put on hold as the developers announced their intent to examine new opportunities created by City of Yes for Housing Opportunity. In the meantime, the developers closed on a $675 million refinancing of Independence Plaza in June 2025.
In late 2024, the project was put on hold as the developers announced their intent to examine new opportunities created by City of Yes for Housing Opportunity. In the meantime, the developers closed on a $675 million refinancing of Independence Plaza in June 2025.
Rendering of base and new Greenwich Street facades for new tower planned at Independence Plaza North (Morris Adjmi Architects)
Aerial view of Independence Plaza North and proposed site of the tower
317 Broadway
Developed by United American Land | Design by Morris Adjmi Architects
76 units | 20 stories
76 units | 20 stories
Rendering of 317 Broadway (Morris Adjmi Architects for Landmarks Preservation Commission)
In December 2020, Landmarks voted to approve an "urban collage" on the corner of Broadway and Thomas Street, a site previously known for housing a McDonald's. This called for razing the McDonald's building, constructing a 14-story tower in its place, and attaching it to a 20-story building attached to 315 Broadway, an individual landmark. Renderings show a light gray terrazzo facade with arched windows on select levels, and interiors are to feature commercial loft space and 76 residential units, a portion of which were to be affordable as part of the Voluntary Inclusionary Housing program.
80 West Broadway
Developed by Astral Weeks | Designer TBD
25 units | 12 stories
25 units | 12 stories
Rendering of 80 West Broadway (Urban Standard Capital)
In May 2025, demolition permits were filed for the red brick building located on the corner of Warren Street and West Broadway, and just outside Tribeca's four historic districts. (No word on the fate of the College Place street sign that was part of the first campus of King's College, now known as Columbia University.) This comes months after developer Astral Weeks closed on the building and empty lot next to it for $27.4 million. Final details on its replacement are not yet available, but it will likely include 25 residential units above ground-floor retail (h/t Crain's New York Business).
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