In West Chelsea, A Ground-Up Office Development Showcases The Future Of The NYC Market
After two years of uncertainty, America’s office buildings are starting to recover from the impacts of the pandemic.
JLL reported that in Q4 2021, the U.S. office market registered positive net absorption for the first time since the start of the pandemic, with leasing velocity increasing by 9.2%. That boosted the full-year leasing volume by 14.6% above 2020 levels.
These numbers were not surprising to The Moinian Group, which has long-held faith in the resilience of the U.S. office market, particularly in New York City. It was this confidence that led the firm to announce in February that it was breaking ground on The Hudson Arts Building, a 10-story, 200K SF Class-A project that is one of the first ground-up spec office developments to rise in the city since the beginning of the pandemic.
“We’re certain that New York City will lead the way in the office recovery from the pandemic,” Moinian Group Executive Vice President Ted Koltis said. “New, quality office space designed with today’s tenants in mind is the most sought-after product in the flight for stable, long-term tenants. We firmly believe that by the time our building hits the market in 2024, that demand will be even stronger.”
Koltis said that while there are many different ways to define a Class-A office building, to him, a true luxury space should feature floor-to-ceiling glass, ceilings over 13 feet tall, as few columns as possible and ample outdoor space. He added that since the pandemic, Class-A space has needed to be more than just a place to work — it has to be designed to energize people by providing a mix of collaboration, air, light, quiet workspaces and even be environmentally responsible. All of this is what the Moinian Group has set out to create with the Hudson Arts Building.
The building is in West Chelsea, an area Koltis described as having a “unique ecosystem that is not replicated in other submarkets” thanks to its unique mix of galleries, restaurants and vintage spaces. The Hudson Arts Building will bring a rare, modern glass-and-steel office building to the neighborhood. The lobby will have ceiling heights of more than 20 feet, making it an ideal backdrop for displaying some of the art the Chelsea area is known for.
In addition, a side-core configuration that is focused on the east side will allow for maximum access to daylight and water views with floor-to-ceiling windows.
The fourth, sixth and ninth floors of the building will all feature terraces, and a 12K SF roof deck can be designed specifically for a tenant’s use or as a one-of-a-kind amenity center.
“There are very few places in the city that have a roof deck of this size that has unobstructed water views,” Koltis said. “It's really an open canvas for whatever the tenant wants to do, because there's enough room for an outdoor conference center, a tennis court or a basketball court, or even a space for outdoor movie nights.”
The building is across the street from the Starrett-Lehigh Building, where chef Marcus Samuelsson is launching his highly anticipated full-block restaurant.
From an environmental efficiency and sustainability standpoint, Koltis said, tenants will have full individual control of their HVAC systems on a floor-by-floor basis. There will be LED lighting throughout and the most up-to-date HVAC systems with MERV air filtration. There will also be valet bike storage and a shower area available for tenants who bike to work. Along with these environmentally conscious amenities, the building will also feature a lounge area, fitness and wellness area, dog park and food and beverage options.
Koltis said that the efficiency of the building’s floor plates — paired with the views and the amenities — makes it the right home for a wide range of tenants, from small financial services or law firms to a large advertising firm or another type of creative company that wants to take advantage of the West Chelsea Arts District.
He added that now is the time for companies to embrace new parts of the city, especially if they are looking to stand out in the post-pandemic landscape.
"In the last five years or so, Manhattan has become a borderless market,” Koltis said. “Companies used to believe they had to be in Midtown, close to Grand Central, but now, businesses that are looking to differentiate themselves are taking advantage of unique spaces downtown. This building’s style perfectly lends itself to that kind of tenant. It really is an open canvas.”
For more information, contact Cynthia Wasserberger, Michael Pallas or Frank Doyle.
This article was produced in collaboration between Studio B and The Moinian Group. Bisnow news staff was not involved in the production of this content.
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