149-unit rental building coming to Hudson Square parking lot
Credit: MAG Partners
Two prominent New York City developers have teamed up to build a 149-unit rental tower on a parking lot in Hudson Square. MAG Partners and Global Holdings last week signed a long-term lease with Trinity Church for 122 Varick Street, where the joint venture plans to construct a 192,000-square-foot project employing the 485-x tax abatement program. The development will include more than 5,000 square feet of ground-floor retail, and 25 percent of the units will be permanently affordable as required by the tax incentive program.
Located across from the new Disney New York headquarters, the tower will bring “distinctive, design-forward” living to the rapidly evolving neighborhood. Originally, MAG had planned to build a 175,000-square-foot boutique office development at the site, as previous press releases from the company noted.
The parcel is owned by Trinity Church, which has held land in Hudson Square since 1705, when it received a 215-acre grant from England’s Queen Anne, according to MAG Partners. Cushman and Wakefield represented Trinity in the ground lease.
“Trinity Church NYC is excited to partner with MAG Partners and Global Holdings, whose proven execution and development expertise make them exceptional partners,” Cynthia Maasry, deputy chief investment officer of Trinity Church, said.
“This collaboration reflects our shared long-term commitment to Hudson Square’s growth and to advancing the neighborhood as a vibrant, integrated live-work-play community,” she added.
The project builds on the two firms’ previous partnership on Anagram Turtle Bay, a 194-unit mixed-income residential development that is currently 87 percent leased. The building’s ground-floor retail will be occupied by Serefina Mare, an offshoot of the Italian restaurant Serefina.
“Trinity Church has been an exceptional partner, and we are deeply appreciative of the trust they have placed in us,” MaryAnne Gilmartin, founder and CEO of MAG Partners, said. “We are aligned in our commitment to delivering a best-in-class building that reflects the energy and evolution of Hudson Square.”
“With innovative design leadership and our continued partnership with Global Holdings, we look forward to creating a project defined by quality, innovation, and enduring value,” she added.”
“We are excited to deliver unparalleled living to the intersection of Hudson Square and SoHo, one of Manhattan’s most sought-after neighborhoods,” Josh Feder, chief investment officer of Global Holdings, said.
“This project represents our continued focus on creating exceptional residential environments in highly coveted locations, and we expect to deliver a spectacular building befitting Hudson Square,” he added.
Hudson Square has seen a surge in new construction in recent years. In January, Avdoo closed on $63 million in financing for 68 King Street, where the firm plans a 200,000-square-foot luxury residential building. As 6sqft reported, Avdoo will use 125,000 square feet of development rights and intends to pursue additional air rights purchases, along with a transit improvement-related bonus.
About a half-mile north, near Google’s new headquarters, 80 Clarkson Street, a new condo from Atlas Capital Group and Zeckendorf Development has seen some of downtown Manhattan’s biggest deals. Also nearby, the city is planning “Hudson Mosaic,” a mixed-use project with 280 affordable homes and a new community center on a vacant lot at 388 Hudson Street.
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