Post-rezoning, Hudson Square is bustling with residential redevelopments, with sites like 100 Varick, 100 Vandam, and 565 Broome Street now rising all at once. Another tower will soon join the mix, as Eastern Consolidated has now secured a $215 million construction loan for 537 Greenwich Street, which will be developed by Cape Advisors and Strategic Real Estate LLC.
Permits for the site were filed last year, and its scope will be quite substantial. The zoning area of 228,000 square feet will cover 27 floors and 170 condominiums, which will average over 1,200 square feet apiece.
Pricing will start at $1.2 million, with a unit-average of $2.79 million. Sebastien Segers Architecture, based in Paris, will be behind the interiors, which will include the standard list of luxury finishes, like marble kitchen counters and white oak floors. There will also be 2,332 square feet of retail space on the first floor, as well as 31 parking spaces in a cellar garage.
The rendered design was created by Loci Anima, with Adamson Associates serving as the executive architect, and serves as a “luxurious modern interpretation of a traditional SoHo or Tribeca loft building.”
While the plans show a design that is certainly historically-minded, they won’t actually be realized, as the developers are moving forward with a somewhat different design. However, it will retain the same unit count and general envelope specifications.
The developers acquired the land for $78 million back in 2015, and Eastern Consolidated’s Adam Hakim and James Murad were responsible for arranging the financing, thanks to Bank of the Ozarks.
No formal completion date has yet been announced, but a 2020 estimate would be reasonable. The site wraps around to Charlton Street and includes 108-110, shown above, for which demolition permits were filed late last year.