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First Residential Building in Rezoned Hudson Square Tops Out

By Danielle Tcholakian | November 19, 2015 2:32pm
 70 Charlton recently topped off construction.
70 Charlton recently topped off construction.
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70 Charlton

HUDSON SQUARE — Construction on the two-tower luxury development at 70 Charlton St. "topped out" recently, reaching its full height and marking a major milestone for Hudson Square's first new residential building.

The Extell development was the first to break ground after the industrial neighborhood was rezoned for residential use in 2013.

"Extell is known for being the first to develop in new areas," said Elida Jacobsen Justo, the Extell director of sales for the building, adding that her company was "the first to see the potential for" Hudson Square.

"It’s exciting to see the transformation that the area is undergoing, and we are proud to be the first luxury residential project to break ground here."

70 Charlton also holds the neighborhood's first affordable housing.

Composed of two 22-story towers connected by an enclosed breezeway suspended over a green courtyard, the development holds 92 luxury apartments and 29 city-regulated, permanently affordable rental units.

Some 600 people have already signed on to a waiting list to purchase one of the 92 luxury apartments, Justo said.

"The Hudson Square/West Soho area is really an in-demand location, and people have been waiting for a project of this quality," she said.

Justo said the building's two-bedroom apartments "have been of particular interest" because they're unusually spacious, especially considering their cost.

"There’s nothing comparable to them on the market right now," she said.

The units in 70 Charlton range from one to four bedrooms, with prices ranging from $1,545,000 to $7,130,000.

Penthouse residences start at $4.95 million and can be as much as $11.95 million. The cost of the affordable units has not yet been determined, according to the Department of Housing Preservation and Development, which manages the city's affordable housing.

Market-rate residential occupants are expected to start moving in in late fall of next year, Justo said. The date that the lottery for affordable units will open was not immediately available from HPD.

The building was designed by architecture firm Beyer Blinder Belle, and the apartment interiors by Workshop APD, featuring grey-stained oak flooring, Miele appliances, and a washer and dryer in each unit.

One of Extell's signature moves with all of its properties is allowing each buyer to decide whether they want glossy white lacquer or black-stained oak cabinets.

Along with the customary luxury amenities — fitness center, steam room, doorman and concierge desk, a residents lounge, children's playroom, and a package room with a walk-in refrigerator for food and flower deliveries — 70 Charlton boasts a 60-foot indoor saltwater swimming pool.

The courtyard holds a birch tree arbor, a wall of climbing green plants, a boxwood garden, a fountain, seating and an outdoor sports area, and the building has 2,800 square feet of ground floor retail space.

The local community board played a major role in securing the affordable housing, and ensuring it would be mixed in with the luxury units, not in a separate tower. The units were developed under the city's Inclusionary Housing program, and will be available to people making 60 percent of the area median income.

AMI changes yearly; by 2015 standards that would mean an individual making $36,300 or a family of four making $51,780 would be eligible.

The affordable units make the building eligible for a 20-year tax abatement, meaning the luxury owners will have extremely low taxes for the first 12 years or so, according to the New York Times.