Duplex penthouse available at 111 Varick Street (Images via Hundred Stories)
Sky-high rents and astronomical sale prices promise to imposed a collective misery on low- and middle-income New Yorkers for years to come. While the pandemic softened values to appreciable lows for several months last year, the market is now undergoing an about-face as plummeting inventory and escalating prices have taken hold. Moreso, a look at the near-empty pipeline of new construction filings shows there will be little to relieve the deeper housing crunch to come.
One of the few rental buildings to open in lower Manhattan in recent years is 111 Varick Street -- a tall, dark, and handsome mid-rise whose two-tiered design is articulated by a sculptural skin of pre-cast concrete and large gridded windows. The corner building, located at the nexus of Hudson Square, SoHo, and Tribeca was designed by S9 Architecture, best known for interventions that pay homage to New York's industrial past. Their past work includes the adaptive reuse of DUMBO's Empire Stores, Dock 72, and the new Wegman's market in the Brooklyn Navy Yard.
One of the few rental buildings to open in lower Manhattan in recent years is 111 Varick Street -- a tall, dark, and handsome mid-rise whose two-tiered design is articulated by a sculptural skin of pre-cast concrete and large gridded windows. The corner building, located at the nexus of Hudson Square, SoHo, and Tribeca was designed by S9 Architecture, best known for interventions that pay homage to New York's industrial past. Their past work includes the adaptive reuse of DUMBO's Empire Stores, Dock 72, and the new Wegman's market in the Brooklyn Navy Yard.
Leasing commenced in November 2020 on the building's 100 market-rate and affordable apartments. They were especially needed as most new buildings in the burgeoning area are condos and offices. High demand and limited supply played into some of the steepest rental prices in the city, with studios initially starting at $3,246/month with a concession included.
The Compass-led leasing team reports that 90% of the units are now accounted for. While the ship has sailed for grand opening bargains and affordable lottery units, the team recently released the "Premium Collection," a culminating series of high-floor apartments with breathtaking views of the downtown skyline and Hudson River. Their amplified details and finished include 11.5' ceiling heights, floor-to-ceiling soundproof windows with motorized solar shades, and oak lion wood laminate flooring.
Kitchens are equipped with stainless steel Bosch appliances, Insinkerator, Kohler fixtures, Calcutta gold quartz countertops and backsplash, and custom Italian cabinetry. All units also have a Bosch washer/dryer, Nest thermostats, and a Latch smart-lock apartment entry system.
“The Premium Collection residences elevate the entire notion of luxury rental living, creating a rare offering in Manhattan’s multi-family market,” says Jordan Hoch, Leasing Director and Associate Broker at Compass. “They are fitted to the highest standards and are on par with the most sought-after condominium product.”
“The Premium Collection was designed to further distinguish the offering that is 111 Varick,” said Jason Kimmel, president of Extended. “The building already boasts the highest standard of luxury and the new collection further solidifies the detailed work of the development and design teams.”
Currently, two of the collection's units are actively listed. They are a 1,564 ft2 two-bedroom on the 23rd floor asking $16,075/mo., and the two-bed #PHB priced at $23,000/mo. Additionally, the team is offering one month free rent on a 12 month lease.
Shared resident perks at 111 Varick Street include a 24-hour attended lobby, a furnished roof deck with grills and a screening area, a fitness center, meditation/yoga room, dining room with an adjacent demonstration kitchen, and a children’s playroom. Additionally, the building is pursuing LEED Silver certification and provides a bike room and automated parking system with electric vehicle charging stations.
Residents of 111 Varick are within walking/biking distance to countless venues and amenities.
Transit is a breeze as the building is a short walk to several CitiBike stations, the Spring Street C/E station, and the Canal Street 1 station. Hudson River Park is several blocks west, the restaurants of Tribeca just to the south, and the SoHo shopping mecca just to the east.
Taking shape nearby are Google and Disney’s future New York headquarters as well as nearly a dozen new condo buildings. A plan to rezone a large area of SoHo is moving through the city's land-use processes. If approved, it promises to yield hundreds of new residential units in the historic area.
Taking shape nearby are Google and Disney’s future New York headquarters as well as nearly a dozen new condo buildings. A plan to rezone a large area of SoHo is moving through the city's land-use processes. If approved, it promises to yield hundreds of new residential units in the historic area.
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