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The design brief given to architect Simon Pesin was to create "a home and a meeting place for art." This is a fascinating use case to me. Because it's cool and interesting and, in my view, a positive thing for the city. Brands like Danish furniture company Frama are some of the groups that have programmed it, which suggests there's maybe a need for more unique spaces like this.

But at the same time, as a real estate developer, it's mostly impossible to underwrite spaces like this. If you were developing this building and thinking about the various buyers/tenants who may want to one day occupy it, this segment would never be on your list. In fact, it is yet another example of Jane Jacobs' famous mantra that "new ideas require old buildings." This is an old building. Here's an excerpt from HTSI:

Rocher bought the property six years ago, though he and Ellery only moved in last year. “It’s funny, the property was on the market for six months because people didn’t see the potential behind it,” he says of what was formerly two office spaces fitted with partition walls, false ceilings and carpeting. “Even the windows and skylights were hidden,” he adds, pointing skyward.

Thankfully, all you need is one person to see the potential. That is one of the magical things about cities.

Photos: Depasquale + Maffini

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