Why You Should be Paying Attention to Hudson Square
- Hudson Square has undergone a transformation from an oft-ignored commercial enclave to an increasingly attractive destination to live and work. The area’s growing appeal and potential for investment upside is the result of several factors including:
- A central location steps from three of the most coveted downtown residential neighborhoods: The West Village, SoHo, and Tribeca.
- Rezoning which has permitted the development of “affordable luxury” new construction.
- Highly significant space purchases by Disney and Google.
- Hudson Square is comprised of approximately 18 blocks bounded by West Houston Street to the North, Canal Street to the South, Varick Street to the East, and the Hudson River to the West.
- The area has experienced a dynamic historical evolution, as summarized below:
- Pre-1970’s: The neighborhood primarily catered to printing companies attracted to the large concrete and steel factory buildings.
- 1970’s – 1980’s: Technology and design firms (driven by the area’s architecture, location, transportation options, and affordable rents) became major tenants.
- 2013: the largest privately-initiated rezoning takes place. This rezoning was spearheaded by Trinity Real Estate, the property arm of the Episcopal Church. (Interestingly, Trinity Church was the owner of nearly 40% of the area now known as Hudson Square because it had been bequeathed to the Church in 1705 by Queen Ann.)
- 2013 – Present (Rezoning/Residential Transition): While pre-2013 rules prohibited residential development, the new 2013 zoning permitted 3,300+ apartment units (with 20% of the units to be designated as affordable housing), 140,000 SF of retail space, 140,000 SF of office space, and 75,000 SF of community facilities. Funding was also put in place for open space, recreational amenities, and a new 450 student K-5 school.
- Hudson Square has recently become home to two corporate flagships that will bring thousands of employees, further underscoring the belief in this location and bolstering the neighborhood’s apartment-buyer base and associated retail, restaurant, and lifestyle venues:
- In December 2018 Google confirmed that it is investing ~$1.2 billion to create a new 1.7 million SF campus across three parcels in Hudson Square (315 Hudson, 345 Hudson, and 550 Washington) to accommodate ~7,000 new employees.
- Disney recently invested $650 million to purchase 4 Hudson Square, bringing it up to 1.2 million SF of neighborhood office space to house its New York operations.
- Finally, a key component of Hudson Square’s residential appeal is that it offers fully amenitized luxury new developments at an entry price-point (~$1.2 million for a one bedroom) and price/SF that is rare to find in prime Downtown Manhattan.
- The neighborhood’s new construction inventory includes several projects by premier architects and sponsors, such as:
- Greenwich West (110 Charlton Street): prices ranging from a $1.45 million one bedroom to a $4.295 three bedroom.
- 570 Broome Street: prices ranging from a $1.275 million one bedroom to a $6.25 million three bedroom.
- 565 Broome Street: prices ranging from a $970K studio to a $40.5 million PH.
- 111 Varick Street: not yet listed.
- 100 Vandam Street: not yet listed.
- 77 Charlton Street: prices ranging from a $1.25 million one bedroom to a $3.999 million three bedroom
Please don’t hesitate to reach out to us with any questions, or on any of your real estate needs.
Alex and Sybille
Featured Novack Team Transaction:
NEW LISTING – Beautifully Renovated 3 Bedroom Steps from Central Park