Saturday, September 20, 2014

22-Story Residential Building Set to rise in Hudson Square

Extell Development is moving ahead with excavation for a 22-story residential building with 116 apartments that it plans to construct at 68-74 Charlton Place, near the Holland Tunnel. The Hudson Square building will have 91 market-rate co-op apartments and 25 affordable units. The new building will stand through the block with entrances on both Charlton Place and Vandam Street.

The board eventually voted to recommend approval for the project, with the request that the building's amenities be accessible to all.

The developer agreed that the fitness room, swimming pool, and steam room (which will be located in the basement, and all residents would have to pay for), would be offered to rent-subsidized tenants at an 85 percent discount.

The building, located between Hudson and Varick streets, will also feature a children's play room and a greenhouse on the ground floor.

Because the new building will be more than 20 percent affordable, it will qualify it for a 421a tax abatement. An inclusionary housing bonus that was a part of the Hudson Square rezoning will also allow Extell to construct a taller building than they previously would have been able to.

The 22-story building will have more than 20-percent affordable housing and will be completed by the end of 2016.

The developer’s previous plans were to build two separate towers - separating affordable and market-rate apartments, but the proposal did not pass muster with Community Board 2.

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