The Real Deal New York

Multistory modular building to hit NYC market for first time

January 03, 2014 11:54AM

Hot on the heels of its first Starbucks, the Inwood neighborhood welcomes the city’s first multistory modular apartment building, which will hit the rental market later this month. Known as the Stack, the seven-story building, at 4857 Broadway, was shipped to the neighborhood in 56 modules.

The Stack has six units of affordable housing and 22 market-rate units, the Wall Street Journal reported. Rents are slated to start in the mid-$1800s for studios to the high $3000s for three-bedroom units.

“People who are interested in new development will seek it out because those kind of price points don’t go very far when you’re farther south in Manhattan,” Douglas Elliman’s Clifford Finn, who is marketing the building, told the Journal. Finn stressed that the building, between 204th Street and Academy streets, was more about character than luxury and fancy amenities.

B2, a 34-story residential tower currently under construction at Forest City Ratner’s massive Atlantic Yards project, will be the tallest modular tower in the world when it is completed.

The Inwood neighborhood has experienced considerable gentrification in recent months, according to the newspaper. A fitness studio has signed a lease in the nearby Hawthorne Gardens retail promenade, along with a frozen yogurt chain. [WSJ]  – Hiten Samtani

  • iSkyscraper

    “The Inwood neighborhood has experienced considerable gentrification in recent months”.

    This claim has been made many times before, but by every measure Inwood has experienced far slower levels of gentrification than practically any Manhattan or Brooklyn neighborhood. Census data even showed incomes dropping in the nicest part of Inwood compared to 20 years ago. It’s an exceptionally stable neighborhood, not some under-populated area waiting to turn around. .A single Starbucks and the first new rental building in decades won’t change that by themselves.

  • Liliana

    that rent is wayyyy to high for the area. Just saying.

  • Kris

    Inwood is so far from downtown manhattan, it isn’t exactly the prime choice or anything special as compared to queens and brooklyn, of course I’m not knocking those who live there, but real estate agents consider it “still manhattan” in a sense that a premium of some sort is worth it, nope. Considering parts of upper manhattan are 100 blocks away, its still too far. That’s why its difficult to gentrify, whether you like it or not. It’s kind like, yeah its okay neighboorhood with parks and slow stores to open, but its far removed from the rest. I mean you could live in a suburb and still have the same commute time. Talk about gentrification and the like has been going on since 2008 and earlier.

  • Gadea