Hudson Square In Manhattan Draws Multifamily and Office Developers
Hudson Square in Manhattan is getting a lot of attention from multifamily and office developers since Google and recently Disney have made the submarket home to their headquarter offices.
NEW YORK CITY – Hudson Square in Manhattan is getting a lot of attention from multifamily and office developers since Google and recently Disney have made the submarket home to their headquarter offices, Craig Wood, CEO of development and real estate investment management firm Cape Advisors, tells GlobeSt.com.
Cape Advisors has developed projects in and near the Hudson Square submarket and say it has garnered attention because of its proximity to other popular submarkets and that there is a need for a variety of housing types in the submarket, where many Millennial professionals are moving because it has become a more amenitized area around the clock.
“We are very strategic about the markets that we develop in, and work to identify areas that have a need that we can fill,” Wood said. “Greenwich West, our project in West Soho / Hudson Square, was created in response to Hudson Square’s successful efforts to become a 24/7 neighborhood.”
In response to the demand in the submarket, Cape Advisors developed Greenwich West, a condominium building at 110 Charlton St. with amenities similar to other properties being developed in the area.
“Shopping, dining and cultural institutions are migrating to the area quickly,” Wood said. “Greenwich West was created to seamlessly join the neighborhood and provide a contextual building that looks like it actually belongs in the area, referencing industrial loft-style architecture as well as references to European and prewar traditions.”
According to a recent GlobeSt.com article, Trinity Church Wall Street has set its sights on developing a 260,000-square-foot office building at 561 Greenwich St. in the Hudson Square submarket. Hines is acting as the development manager for the 19-story property that COOKFOX Architects designed.
When the office property with ground-floor retail is completed, Norges Bank Investment Management and Hines will have a stake. The ownership structure is tied to linking the property to the Hudson Square Properties joint venture, which includes 345 Hudson Street and 561 Greenwich Street.
A part of the construction is the renovation of the street level that will open up the wall for an open and communal experience for passersby, an initiative to further transform Hudson Square from a warehouse district to a live-work-play community, according to the development’s architect Rick Cook of architecture firm COOKFOX.