Manhattan House
845 West End Ave
The Aldyn
15 Union Square West
The Rushmore Riverside
515 East 72
The future site of the Hudson Hill Condominiums
Overview
Another noticeable project is underway by Alchemy Properties, the talented and value-oriented development firm with in-progress condominiums including the Oculus and the Indigo. Like these two active projects, Hudson Hill will also be around 10 stories with a wide variety of layout options. This sizing allows residents a boutique-feel with the amenities typically found in larger projects. Hudson Hill will continue the development trend around Columbus Circle West, where plenty of buyers have been flocking. Let’s get into the details:
Units & Pricing
Alchemy always posts the currently available units, along with floorplans, on the building’s website. This extremely convenient page also lists the unit number, square feet, and taxes with and without the abatement. The latter information is crucial because so many buyers don’t understand the city’s tax abatement program and when the increases begin.
Units range from 1 bedroom to 3 and the layouts vary widely. Some have offices, dens, or whatever you like to call a little room without a window. Units range from about $950K to near $3M for the 1,500 foot penthouse with over 1,200 feet of outdoor space. It looks like the ‘building specialty’ may be the spacious 2-bedroom apartments (many with terraces) that come in between $1.7M and $2.3M. The building looks to be catering to a family-centered audience, also a growing trend in the CCW neighborhood.
Monthly carrying costs come in around $1.25/foot with taxes. Without taxes, around 75 cents per foot. This is certainly not the cheapest building to live in, but the amenities packagage (discussed below) is impressive.
Looks like this project is just getting started
St. Lukes Hospital is across the street
Features & Amenities
Some of the units will have terraces. Based on the website, it looks like the bulk of them are on the 9th, 10th, and PH floors. There are five penthouses in total. The kitchen and bathroom finishes are tasteful and contemporary including Poggenpohl cabintery, high-end stainless steel appliances including the ever-popular winecooler. Each unit will have a washer and dryer and the upper floors have partial river views.
Building amenities include a full-time doorman, live-in super, and video intercom system. Residents can share time in the common recreation room and outdoor patio.
Location
Hudson Hill is located on 58th between 9th and 10th (Amsterdam) Avenues. I have a few thoughts on the area. From a ‘macro’ perspective, the area is great. As the building brags, you are quite close to the Time Warner Center, which has recently picked up in foot traffic. It seems each year people pay more attention to the incredible residential, retail, and commercial space that occupies these two towers. Of particular importance is the huge Whole Foods supermarket (the largest in Manhattan) which occupies the basement level. Also notable are two of the most expensive restaurants in the world (Masa and Per Se) located in the building.
Hudson Hill owners can also brag about proximity to Central Park. About 5 minutes walking east will take you to the southwest corner of Central Park. The Boathouse Cafe and the Great Lawn are easily walkable, as is Lincoln Center and the Upper West Side.
On a not-so-positive note, 58th street is a popular through street to the east side. Cabs line up to make that right turn from 10th Avenue onto 58th street from about 8:30 to 10:00 each day. It can get a little crowded and noisy, especially with hospital employees crossing the street without regard to traffic all the time. I witnessed this odd behavior (which really slows down traffic) when living in midtown west and cabbing it to my office on 5th Avenue each morning. It’s not the worst corner I can think of, but you will notice the car and foot traffic on the street.
Looking east towards 9th Avenue
Investment Potential
This looks to be a very solid project. Granted, it’s still a hole in the ground, but if it looks anywhere as pretty as Indigo and Oculus, it will be a success. The units are reasonably priced and while the carrying costs lean on the high side, the investment potential is still solid. I fully agree that this neighborhood is loaded with potential between the John Jay expansion, Fordham, Lincoln Center, Time Warner Center, and Central Park. We rate it a B+ and look forward to sales updates.
