Lower Manhattan’s residential transformation may be about to gain another building. Revamp NYC, a New York-based residential development and construction firm, has filed an application with the city’s Department of Buildings (DOB) for a new housing development at 160 Pearl Street in the Financial District.
If the DOB approves the application, the proposed mixed-use building would rise 25 stories and hold 99 rental units, according to Commercial Observer, which first reported on the filing. The plans also call for indoor and outdoor recreation space, a yoga room and 2,394 square feet of ground-floor retail.
The paperwork lists Israel Tishler of Revamp as the person who submitted the plans and as the property owner. Navkiran Cheema of KMA Designs is named as both the architect and the applicant. Per Commercial Observer, neither Revamp nor KMA Designs immediately responded to requests for comment, so the project’s timeline, budget and financing remain unknown.
The unit count draws attention. Under New York’s 485-x tax incentive, buildings with 99 or fewer units can earn a significant tax break when they include affordable housing. Those smaller projects also avoid certain construction worker wage requirements that apply to developments of 100 units or more. Commercial Observer noted that it is unclear whether Revamp intends to make 160 Pearl Street an affordable housing property, so the link to 485-x remains an open question rather than a stated plan.
Another unknown is what happens to the site’s current occupant. The address holds a six-story commercial building that houses financial consultancy firms Ikahn Capital and Hybrid Funder, along with the Irish pub The Full Shilling in the ground-floor retail space. The filing does not make clear whether Revamp plans to demolish that structure, according to the report.
The application fits a broader pattern in the neighborhood. The Financial District was long defined by office towers and the workers who filled them, with street life that faded after happy hour. Over the last several years, as Commercial Observer put it, the area has grown into a hub of residential communities. A 99-unit rental would add to that mix.
For now, the filing is only an application. Nothing has been approved, and key details about affordability, demolition and construction timing have yet to surface. NYC Business Pulse will watch for further DOB activity and any public statement from Revamp as the proposal moves through the review process.
Frequently Asked Questions
What is Revamp NYC proposing at 160 Pearl Street?
Revamp NYC has filed an application with the NYC Department of Buildings for a 25-story mixed-use building with 99 rental units and 2,394 square feet of ground-floor retail. The filing is pending and has not been approved.
Who is behind the 160 Pearl Street development filing?
Israel Tishler of Revamp NYC submitted the plans and is listed as property owner, while Navkiran Cheema of KMA Designs is named as architect and applicant. Neither company responded to requests for comment at the time of reporting.
Why does the 99-unit count matter for 160 Pearl Street?
Buildings with 99 or fewer units can qualify for New York’s 485-x tax incentive when they include affordable housing, and they avoid construction worker wage rules that apply at 100 units or more. The article notes it is unclear whether Revamp plans affordable units.
Will the existing building at 160 Pearl Street be demolished?
The filing does not say whether the six-story commercial building at the site will be demolished. It currently houses Ikahn Capital, Hybrid Funder, and The Full Shilling pub.
Has the 160 Pearl Street project been approved?
No, the project has not been approved. It is only an application pending with the NYC Department of Buildings, and details such as affordability, demolition, budget, and construction timing have not been disclosed.
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