Plans have been announced for a 149-unit residential tower at 122 Varick Street in Hudson Square, Manhattan. Developed by a newly formed joint venture between Global Holdings and MAG Partners, the structure will span approximately 192,000 square feet. The project will also include more than 5,000 square feet of ground-floor retail space. The property will utilize a long-term ground lease with Trinity Church NYC and is located at the southeast corner of Varick and Dominick Streets.
The property’s rental units will be delivered under the 485-x program, with roughly 25 percent designated as permanently affordable housing. The project follows the firms’ previous collaboration on Anagram Turtle Bay, a 194-unit mixed-income development.
The site is currently occupied by an open-air parking lot.
122 Varrick Street, via Google Maps.
Transit nearby 122 Varick Street includes the 1 train at Houston Street, the C and E trains at Spring Street, and the A, C, and E trains at Canal Street.
“Trinity Church has been an exceptional partner, and we are deeply appreciative of the trust they have placed in us,” said MaryAnne Gilmartin, founder of MAG Partners. “Together, we are aligned in our commitment to delivering a best-in-class building that reflects the energy and evolution of Hudson Square.”
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It’s nice Trinity finally has agreed to developing this property. They must be the wealthiest protestant church in the US. Let’s hope the design will be heavenly.
Nothing mor hellish than a lot filled with cars
I am simply amazed that there are still surface parking lots in Manhattan. The power of the car highway industrial complex is truly astounding.
People own the land and don’t want to sell. Waiting for highest bidder.
In the past, people built one-story “taxpayer” stores while parcels were being assembled. Today, parking lots serve that purpose.
Congestion pricing has lowered the operating income and value of parking lots and garages in Manhattan, and now that Congestion Pricing seems permanent, and likely to increase over the next few years lot and garage owners are looking to get out before it gets worse.
The highest bidders are never people looking to own parking lots. Existing owners don’t have to sell to build something on the parking lot they already own. Rational market choices don’t explain the presence of surface parking lots in Manhattan.
It’s Trinity Church- on a land grant from the king…and they are only leading the land
Trinity Church also has a legal claim to any dead whale that washes up on Manhattan. Formerly, these were very valuable for oil and baleen for corsets.
Very excited to watch this collab do something special with a great, underutilized piece of land. Applaud what they did at Anagram Turtle Bay – incredible project