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Hudson Square Emerging

The New York Times // Jun 26, 2015

Building amenities include a private courtyard with a wall of plants, birch tee arbor, boxwood garden and water feature. There will also be a 60-foot indoor saltwater swimming pool, a fitness center, an outdoor sports court, a steam room, a lounge with a catering kitchen and a children’s playroom, as well as a 24-hour doorman and concierge, a package room with a refrigerator, and bicycle and other storage spaces.


The condos will have appliances from Miele and Sub-Zero, washers and dryers, and finishes that include oak hardwood flooring and hardwood baseboards, doors and trim. Kitchens are offered with cabinetry in white lacquer or stained oak, Caesarstone counters and glass backsplashes. Master bathrooms have marble walls, floors, and countertops, among other high-end finishes.


The building is working toward a Leadership in Energy and Environmental Design, or LEED, certification from the United States Green Building Council. It will also have 22 permanently affordable rental apartments reserved for those who earn no more than 60 percent of the area’s median income, Mr. Mannarino said. Those apartments mean that 70 Charlton is eligible for a 20-year tax abatement, so residents will have “exceedingly low taxes for the first 12 years or so,” he added. “And they phase in over time, which is a very attractive feature for buyers.”


Several other residential projects are in various phases of development in the neighborhood, which extends roughly from Canal Street to West Houston and from Avenue of the Americas to West Street. It was once a manufacturing area known as the printing district and is now primarily offices.


Trinity Real Estate, the property arm of the Episcopal Church, which oversees about 5.5 million square feet of office space in Hudson Square, announced last year that it might develop as many as four residential towers there. But work on the first proposed building, a tower at Juan Pablo Duarte Square in an area bounded by Avenue of the Americas, Canal Street, Varick Street and Grand Street, has not yet begun.


Other developers are moving forward with a building of about 200 rental units at 261 Hudson Street and have applied for permits for a building at 100 Varick Street, with about 115 units, and a 49-unit building at 111 Varick Street. The 122-room Hotel Hugo recently opened, with others in development.


While most of these buildings aren’t yet occupied, a handful of residential developments finished before or just after the 2013 rezoning include the Renwick Modern, at 22 Renwick Street, and the Arman Building, at 482 Greenwhich Street. And ground-floor retail spaces in the new buildings are beginning to fill with restaurants and shops, said Jeremy V. Stein, a real estate agent with Sotheby’s International Realty who lives in Hudson Square.


“It feels like things are on the cusp of significant change- there are more people walking about,” Mr. Stein said. “Once closings take place, we will really see it.”

Original Article: The New York Times