Allied Partners signs 20-year lease with NY Public Library.

Add another unique amenity to Allied Partner's white hot condominium apartment building at 285 Lafayette Street in Soho.

Allied's President Eric Hadar has announced that he has signed a 20-year lease with the New York Public Library for what will be the first-ever branch to serve the Soho and Nolita communities.

Construction of the technologically advanced facility, which will occupy 16,000 square feet of ground floor and lower level spaces in the building, is expected to begin in the Fall of 2002. City Councilwoman Kathryn E. Freed played a major role in helping to create the necessary funding for the project.

"We certainly could have found a more profitable use for the space, but in the end, I felt this was a wonderful opportunity to give something back to the community and provide a much needed educational and cultural resource that will greatly enhance the quality of life for all Downtown residents," said Hadar. Alan Grossman acted as a consultant to the public library.

After acquiring the property in the late 1990's in partnership with the ten artist residents who lived on the lower floors, Allied gut renovated the existing six-story structure and constructed four additional floors while the building remained occupied.

Within three months after opening, 285 Lafayette, a former chocolate factory, was 100% sold out and is today widely considered Downtown's pre-eminent luxury residential building. Its high profile residents include numerous celebrities and its spectacular apartments have consistently commanded the highest prices in the marketplace.

Allied Partners is active in acquisitions of all property types as well as providing bridge loan financing.