Built in the late 1800s as a chocolate candy factory, 285 Lafayette Street was being used as a mix of artists’ lofts and apartments when Hadar invested in the property and transformed the building into condominiums.
This required first changing the zoning laws for the area. Hadar prepared to implement plans to add four floors to the building as part of its conversion to a high-end luxury condo, but before construction could start, his partners balked at the risk of conversion and pushed for selling the building. With just days left to sign for the construction loan, Hadar bought out the partners and shouldered the entire financial risk of the conversion; this at a time when he had also just begun renovations at Studio 54.
The risk paid off when the conversion was completed, and 285 Lafayette Street became one of the most successful condos in lower Manhattan’s SoHo area, counting a number of high-profile buyers among its new residents.
Hadar still owns 35,000 square feet of retail space in the building, with the New York City Public Library being one of its main tenants.