Soho Properties

Sharif El-Gamal is the chairman and chief executive officer of Soho Properties. He founded the firm in 2003.{{cite news |date=October 1, 2010 |title=The Closing: Sharif El-Gamal |url=https://therealdeal.com/2010/10/01/the-closing-sharif-el-gamal/ |work=The Real Deal |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425115548/https://therealdeal.com/2010/10/01/the-closing-sharif-el-gamal/ |url-status=live }} His partners in the company include his brother Sammy El-Gamal and Nour Mousa.{{cite news |date=August 26, 2010 |title=Islamic Center Also Challenges a Young Builder |url=https://www.nytimes.com/2010/08/27/nyregion/27build.html |work=The New York Times |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425123537/https://www.nytimes.com/2010/08/27/nyregion/27build.html |url-status=live }}{{cite news |date=September 17, 2010 |title=Developer Starts Paying Back Taxes on Islamic Center Site |url=https://cityroom.blogs.nytimes.com/2010/09/17/developer-starts-paying-back-taxes-on-park51-site/ |work=The New York Times |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425120040/https://cityroom.blogs.nytimes.com/2010/09/17/developer-starts-paying-back-taxes-on-park51-site/ |url-status=live }}

{{main|Park51}}

In July 2009, Soho Properties purchased the building and property at 45–47 Park Place.{{cite news |date=December 8, 2009 |title=Muslim Prayers and Renewal Near Ground Zero |url=https://www.nytimes.com/2009/12/09/nyregion/09mosque.html |work=The New York Times |access-date=February 25, 2017 |archive-date=August 26, 2010 |archive-url=https://web.archive.org/web/20100826202236/http://www.nytimes.com/2009/12/09/nyregion/09mosque.html |url-status=live }} In 2009, Soho Properties took over Con Edison's 99-year lease of 49–51 Park Place.{{cite news |date=July 30, 2014 |title=Sharif El-Gamal gains full control of Islamic museum site |url=https://therealdeal.com/2014/07/30/sharif-el-gamal-takes-full-control-of-islamic-museum-site/ |work=The Real Deal |access-date=April 25, 2018 |archive-date=July 17, 2018 |archive-url=https://web.archive.org/web/20180717013943/https://therealdeal.com/2014/07/30/sharif-el-gamal-takes-full-control-of-islamic-museum-site/ |url-status=live }} In February 2010, Soho Properties informed Con Edison that it sought to exercise the purchase option on the lease and the two entered protracted negotiations.{{cite news |date=August 20, 2014 |title=Con Ed Sells Building Near Ground Zero Where Plans for Mosque Caused Uproar |url=https://www.nytimes.com/2014/08/21/nyregion/con-edison-sells-lot-near-ground-zero-where-plans-for-mosque-caused-uproar.html |work=The New York Times |access-date=April 25, 2018 |archive-date=June 12, 2018 |archive-url=https://web.archive.org/web/20180612211023/https://www.nytimes.com/2014/08/21/nyregion/con-edison-sells-lot-near-ground-zero-where-plans-for-mosque-caused-uproar.html |url-status=live }}{{cite news |title=Zero tolerance and Cordoba House |author=Peer Basharat |work=Financial Times |date=August 13, 2010 |url=http://www.ft.com/cms/s/2/bf1110d8-a5b0-11df-a5b7-00144feabdc0.html |accessdate=August 20, 2010 |url-status=live |archiveurl=https://web.archive.org/web/20100819041647/http://www.ft.com/cms/s/2/bf1110d8-a5b0-11df-a5b7-00144feabdc0.html |archivedate=August 19, 2010 }}

The development was envisioned as a 13-story Islamic community center in Lower Manhattan. The developers hoped it would promote interfaith dialogue within the greater community. Due to its proposed location two blocks from the World Trade Center site, it was widely and controversially referred to as the "Ground Zero mosque".{{cite news|last1=Zraick|first1=Karen|last2=Dobnik|first2=Verena|title=Ground zero mosque opened to public Wednesday|url=http://www.csmonitor.com/USA/Latest-News-Wires/2011/0922/Ground-zero-mosque-opened-to-public-Wednesday|accessdate=19 December 2015|agency=Associated Press|publisher=Christian Science Monitor|date=September 22, 2011|url-status=live|archiveurl=https://web.archive.org/web/20151221130220/http://www.csmonitor.com/USA/Latest-News-Wires/2011/0922/Ground-zero-mosque-opened-to-public-Wednesday|archivedate=21 December 2015}}

In August 2011, The New York Times reported that El-Gamal was quietly proceeding with efforts to move Park51 forward, embracing a "slower, more deliberate and more realistic approach" than before.{{cite news|last=Barnard|first=Anne|title=Developers of Islamic Center Try a New Strategy|url=https://www.nytimes.com/2011/08/02/nyregion/new-quiet-effort-for-big-islamic-center-near-ground-zero.html|work=The New York Times|date=August 2, 2011|accessdate=August 2, 2011|url-status=live|archiveurl=https://web.archive.org/web/20131201071345/http://www.nytimes.com/2011/08/02/nyregion/new-quiet-effort-for-big-islamic-center-near-ground-zero.html|archivedate=December 1, 2013}} In April 2014, however, El-Gamal announced Soho's plan to demolish the 45–51 Park Place properties. The current plans for the Park51 site include a three-story museum of Islamic culture.{{cite news|url=https://www.washingtonpost.com/national/religion/site-of-proposed-ground-zero-mosque-may-become-a-museum/2014/04/30/50c18e62-d0a6-11e3-a714-be7e7f142085_story.html|title=Site of proposed Ground Zero mosque may become a museum|author=Omar Sacirbey|date=April 30, 2014|newspaper=Washington Post|url-status=live|archiveurl=https://web.archive.org/web/20140507012402/http://www.washingtonpost.com/national/religion/site-of-proposed-ground-zero-mosque-may-become-a-museum/2014/04/30/50c18e62-d0a6-11e3-a714-be7e7f142085_story.html|archivedate=May 7, 2014}}

In May 2016, Soho Properties announced that it had secured $219 million in construction financing for 45 Park Place, a 43-story luxury condominium development.{{cite news |date=May 18, 2016 |title=El-Gamal scores $219M in financing for 45 Park Place |url=https://therealdeal.com/2016/05/18/el-gamal-secures-219m-in-construction-financing-for-45-park-place/ |work=The Real Deal |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425114949/https://therealdeal.com/2016/05/18/el-gamal-secures-219m-in-construction-financing-for-45-park-place/ |url-status=live }} The financing structure, involving banks from the Middle East, Asia and Europe, is Sharia-compliant.{{cite news |date=May 26, 2016 |title=By the Book: Behind El-Gamal's deal for sharia |url=https://therealdeal.com/2016/05/26/by-the-book-behind-el-gamals-deal-for-sharia-compliant-financing-at-45-park/ |work=The Real Deal |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425115755/https://therealdeal.com/2016/05/26/by-the-book-behind-el-gamals-deal-for-sharia-compliant-financing-at-45-park/ |url-status=live }} El-Gamal said, "Essentially, it's the largest syndicated Sharia-compliant construction loan in New York City."{{cite news |date=August 10, 2016 |title=Talking to Sharif El-Gamal About Sharia Financing, Park Place and His New Dream Hotel |url=https://commercialobserver.com/2016/08/talking-to-sharif-el-gamal-about-sharia-financing-park-place-and-his-new-dream-hotel/ |work=Commercial Observer |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425114653/https://commercialobserver.com/2016/08/talking-to-sharif-el-gamal-about-sharia-financing-park-place-and-his-new-dream-hotel/ |url-status=live }}

Construction at 45 Park Place is currently underway. A groundbreaking ceremony was held at the site on June 2, 2016. The tower was initially expected to be completed in 2018.{{cite news |date=June 16, 2016 |title=Construction Finally Begins on Sharif El-Gamal's 45 Park Place |url=https://ny.curbed.com/2016/6/16/11956074/45-park-place-condo-construction-nyc |agency=Curbed |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425115037/https://ny.curbed.com/2016/6/16/11956074/45-park-place-condo-construction-nyc |url-status=live }} However, as of March 2023 the tower remains unfinished and subject to a Stop Work Order from the NYC Department of Buildings dating from 2019 due the contractor of record withdrawing from the project.{{cite web |url=https://tribecacitizen.com/2023/03/12/nosy-neighbor-whats-happening-to-the-crane-on-top-of-45-park-place/ |title=Nosy Neighbor: What's happening to the crane on top of 45 Park Place? |date=March 12, 2023 |website=www.tribecacitizen.com |publisher=Tribeca Citizen |access-date=September 8, 2023 }} Adjacent to 45 Park Place at 49–51 Park Place, Soho Properties is constructing a three-story museum and sanctuary designed by architect Jean Nouvel.{{cite news |date=May 12, 2017 |title=Condo Tower to Rise Where Muslim Community Center Was Proposed |url=https://www.nytimes.com/2017/05/12/realestate/muslim-museum-world-trade-center.html |work=The New York Times |access-date=April 25, 2018 |archive-date=March 8, 2020 |archive-url=https://web.archive.org/web/20200308054320/https://www.nytimes.com/2017/05/12/realestate/muslim-museum-world-trade-center.html |url-status=live }}

Soho Properties and MHP Real Estate Services purchased the Parsons School of Design at 560 Seventh Avenue in 2014 for $62.3 million. In 2015, the same partnership purchased 19,772 square feet of unused air rights from the Neil Simon Theatre for $8.9 million to build a 238-room Dream Hotel at the 560 Seventh Avenue site.{{cite news |date=October 16, 2013 |title=MHP and Soho Properties In Contract to Acquire 560 Seventh Ave. for $61.5 M |url=https://commercialobserver.com/2013/10/mhp-and-soho-properties-are-in-contract-to-acquire-560-seventh-ave-for-61-5-m/ |work=Commercial Observer |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425182903/https://commercialobserver.com/2013/10/mhp-and-soho-properties-are-in-contract-to-acquire-560-seventh-ave-for-61-5-m/ |url-status=live }}{{cite news |date=July 27, 2015 |title=Dream Hotel Developers Buy Neil Simon Theatre's Air Rights for $9M |url=https://commercialobserver.com/2015/07/dream-hotel-developers-buy-neil-simon-theatres-air-rights-for-9m/ |work=Commercial Observer |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425114626/https://commercialobserver.com/2015/07/dream-hotel-developers-buy-neil-simon-theatres-air-rights-for-9m/ |url-status=live }}

In November 2017, it was reported that Soho Properties, in partnership with MHP and Flintlock Construction Services, is in late-stage negotiations to build New York City's first Margaritaville hotel and restaurant at the site.{{cite news |date=November 27, 2017 |title=Sharif El-Gamal and MHP are now planning a Margaritaville hotel in Times Square |url=https://therealdeal.com/2017/11/27/sharif-el-gamal-and-mhp-are-now-planning-a-margaritaville-hotel-in-times-square/ |work=The Real Deal |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425115650/https://therealdeal.com/2017/11/27/sharif-el-gamal-and-mhp-are-now-planning-a-margaritaville-hotel-in-times-square/ |url-status=live }}{{cite news |date=September 21, 2015 |title=An Unexpected Partner Helps Preserve a Manhattan Synagogue |url=https://www.nytimes.com/2015/09/22/nyregion/an-unexpected-partner-helps-preserve-a-manhattan-synagogue.html |work=The New York Times |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425121937/https://www.nytimes.com/2015/09/22/nyregion/an-unexpected-partner-helps-preserve-a-manhattan-synagogue.html |url-status=live }}

In November 2009, Soho Properties purchased a 12-story office building located at 31 West 27th Street for $45.7 million. El-Gamal said, "We just bought it for the income. It's got great long-term leases, and the financing was really attractive. We have five years at a very attractive interest rate, and it's probably the best B building in this submarket." Soho Properties purchased it from the Witkoff Group, which had purchased the building in 2006 for $31.5 million.{{cite web |url=http://observer.com/2009/11/soho-properties-buys-chelsea-building-for-457-m/ |title=SoHo Properties Buys Chelsea Building for $45.7 M. |publisher=The New York Observer |date=November 9, 2009 |accessdate=April 10, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425115706/http://observer.com/2009/11/soho-properties-buys-chelsea-building-for-457-m/ |url-status=live }} Soho Properties sold the property to the San Francisco-based Walnut Hill Group in 2012 for $65 million.{{cite news |date=July 23, 2012 |title=El-Gamal sells West 27th Street building for $65M |url=https://therealdeal.com/2012/07/23/el-gamal-sells-west-27th-street-building-for-65m/ |work=The Real Deal |access-date=April 25, 2018 |archive-date=April 25, 2018 |archive-url=https://web.archive.org/web/20180425183056/https://therealdeal.com/2012/07/23/el-gamal-sells-west-27th-street-building-for-65m/ |url-status=live }}

The production of Soho Properties takes a break amid the partial construction ban in New York, as does the CEO of the company, Sharif El-Gamal, as he recovers from the virus, published last week in The Real Deal. El-Gamal infected 60% of his staff with coronavirus shortly before the shelter-in-place order by the governor of New York. Although he's on the mend now, El-Gamal told TRD he'd been struggling with some severe symptoms, like intense fatigue.{{Cite web|title=Several New York Real Estate CEOs Battling Coronavirus|url=https://www.bisnow.com/new-york/news/commercial-real-estate/new-york-real-estate-players-face-and-fight-coronavirus-103804|last=Neubauer|first=Kelsey|date=7 April 2020|website=Bisnow|url-status=live|archive-url=https://web.archive.org/web/20200414054802/https://www.bisnow.com/new-york/news/commercial-real-estate/new-york-real-estate-players-face-and-fight-coronavirus-103804|archive-date=14 April 2020|access-date=6 May 2020}}

On July 9, 2023, after the failure of the Margaritaville Times Square hotel that opened in 2021, Soho Properties and the Margaritaville hotel filed for Chapter 11 bankruptcy.{{Cite web|url=https://www.costar.com/article/1709075796/margaritaville-times-square-hotel-owner-files-for-chapter-11-bankruptcy-protection|title=Margaritaville Times Square hotel owner files for Chapter 11 bankruptcy protection|date=July 10, 2023|access-date=August 14, 2023|website=CoStar|language=en}} On August 11, 2023, Soho Properties filed for a second Chapter 11 bankruptcy for another one of its properties, 560 Seventh Avenue Owner Primary.{{Cite web|url=https://commercialobserver.com/2023/08/margaritaville-times-square-hotel-owner-files-second-bankruptcy-motion/|title=Margaritaville Times Square hotel owner files second bankruptcy|date=August 14, 2023|access-date=August 14, 2023|website=Commercial Observer|language=en}}

{{Reflist|2}}

• {{official|http://www.sohoproperties.com/}}

Category:Real estate companies of the United States

Category:Real estate companies established in 2003

Category:Companies that filed for Chapter 11 bankruptcy in 2023

Category:Companies based in New York City

Category:2003 establishments in New York City