Post-rezoning, Hudson Square is bustling with residential redevelopments, with sites like 100 Varick, 100 Vandam, and 565 Broome Street now rising all at once. Another tower will soon join the mix, as Eastern Consolidated has now secured a $215 million construction loan for 537 Greenwich Street, which will be developed by Cape Advisors and Strategic Real Estate LLC.
Among the many neighborhoods that comprise Lower Manhattan, few have an identity as abstract as “Hudson Square,” which was only dubbed thusly relatively recently, following a re-zoning. While it will still take a few more years for New Yorkers to realize it isn’t “beyond Tribeca,” “below the Village,” or “no bridge, just tunnel,” developers have raced ahead of impending recognition with plans for several new buildings, including 565 Broome Street, 100 Vandam Street, and now, another, at 111 Varick Street.
Back in January of 2015, YIMBY first reported on a proposal for a new development at 92-100 Vandam Street, in the “Hudson Square” neighborhood to the north of the Holland Tunnel. Since then, several major projects have begun construction in the vicinity, including 555-565 Broome Street. Now, YIMBY has confirmation that the original suspected design for 92-100 Vandam is indeed accurate, and is now moving forward through the planning process.
Last week, the City Council approved plans for Atlas Capital Group and Westbrook Partners to acquire $100 million worth of air rights from Pier 40, overseen by the Hudson River Park Trust, to develop a 1,586-unit mixed-use complex at 550 Washington Street, in Hudson Square. The project is set to include five towers, the New York Times reported, although their height was not disclosed. Thirty percent of the units, or 475 apartments, will rent at below-market rates through the housing lottery. One of the residential towers will be geared towards “older tenants.” There would also be retail space and a 15,000-square-foot recreation center.
Two years ago, real estate investment firm Cape Advisors paid $78 million for a collection of warehouses on Charlton and Greenwich Streets, in the recently rezoned swath of western Soho known as Hudson Square. Now they’ve filed applications to erect a 27-story residential building there at 110 Charlton Street.