After rezoning, real estate giants transforming Hudson Square

The Related Companies, Extell Development buying into the area
August 28, 2014 11:00AM

Long considered a secondary neighborhood to Soho to the east and Tribeca to the south, Hudson Square is having its moment.

Following a rezoning last year to allow for more residential projects in the neighborhood, New York’s real estate heavyweights are now buying in and could transform the area, the New York Post reported.

The Related Companies’ 201-unit mixed-income residential tower at 261 Hudson Street broke ground in January, and Extell Development’s 116-unit co-op building with 25 affordable rentals at 70 Charlton Street is also under way.

The $130 million purchase of 100 Varick Street led by Michael Shvo and the Keystone Group could yield an even larger development, reports the Post. The lot is zoned for a building of up to 280,000 square feet.

The big question looming over Hudson Square is whether Trinity Real Estate, the largest owner of property in the neighborhood, will begin to put its parcels into play, according to the newspaper. [NYP]Tom DiChristopher