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