Hudson Square, a small neighborhood in Lower Manhattan, is seeing an influx of new luxury condominium projects that will radically transform this rather drab area into a posh neighborhood.
While prices are not cheap, with the average condo selling for $2M, developers are positioning their offering as “attainable luxury” given the close proximity to TriBeCa and Soho, the top two most expensive NYC neighborhoods.
Prices in TriBeCa and SoHo have gone through the roof over the past ten years, with the average property selling north of $5000 per square foot, which makes prices in Hudson Square a bargain indeed.
Luxury Condo Boom in Hudson Square
Nine new properties have either been recently built or are in various stages of development, according to Curbed. The vast majority are condo developments. In addition to new condos, Hudson Square will soon be the home of the Walt Disney Company, who announced plans to move its HQ to 4 Hudson Square.
One of the newly built luxury condos is 70 Charlton, developed by Extell Development, one the city’s most prominent luxury condo builders. 70 Charlton forgoes glass in favor of a brick and black steel facade, which gives the building a very elegant feel.
Prices in the building start at $1.65M for a one-bedroom condo and go as high as $4.725M for a spacious 4-bedroom residence. Not bad for a building just a couple of blocks away from uber-pricey SoHo. Buyers seem to agree – lots of apartments have already been sold and one new buyer told The Real Deal that she feels prices are affordable for that part of the town.
Another luxury condo developer looking to capitalize from the neighborhood transformation is Toll Brothers. The luxury homebuilder has started working on a new luxury condo building at 77 Charlton. Prices in the building will start at just over $1M for a studio and just below $4M for a 4-bedroom unit.
Current prices are not here to stay, real estate guru, Johnathan Miller tells The Real Deal. Influx of buyers will put pressure on land prices and construction costs, a pressure that might translate into ‘not so affordable’ luxury condo prices in the near future.