Atlas Capital, Zeckendorf, Baupost, submit DOB plans for 169-unit project, expected to include senior housing

UPDATED: Andy Cohen, principal of Atlas Capital Group through the entity ACI VI Clarkson LLC, submitted a new building construction project on behalf of Atlas and partners Zeckendorf Development and Baupost Group, for a 169-unit residential (R-2) building at 570 Washington Street in Hudson Square, Manhattan. The plan was filed with the New York City Department of Buildings on October 14, 2022, under job number M08015999. The project is described in the filing as: Construct new mixed-use building. The project is proposed on an 11,000 square foot footprint.

This building is proposed to include senior housing and is planned for the eastern portion of the vacant parcel that the developers own. This parcel is just north of the Google office building. The DOB filing includes five floors with 13 apartments on each floor from floors two to six, and an unspecified apartment occupancy for floors seven to 16 are labeled “adult home.”

The team expects to build a $1 billion condo development on the parcel.

The plans as filed appear to be preliminary, as they are much shorter than the plans the New York Post reported in February 2022, when it described a 400-foot-tall tower with 36 floors. The plans as filed are for a 169,890 square-foot, 19-story tower. The filing states it is incomplete.

The property

Atlas, Zeckendorf and Baupost bought the development site in July 2022 for $340 million, and obtained a $322 million loan package led by Blackstone Group, The Commercial Observer reported at the time. The parcel is a vacant lot just north of the St. John’s Terminal Building at 550 Washington Street. Despite being a vacant lot, the parcel is divided into two distinct condominium tax lots B and B-2, bounded by West Houston, Washington, Clarkson and West streets. This project is slated for parcel B-2.
The 570 Washington Street parcel is a vacant lot has frontage of 852 feet and is 282 feet deep with a total lot size of 213,650 square feet. The lot is irregular.

The neighborhood

In Hudson Square, the majority, or 72 percent of the 10.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 10 percent of the space. In sales, Hudson Square has near average sales volume among other neighborhoods with $846.6 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Hudson Square has near average amount of major developments among other neighborhoods and is the 12th highest in Manhattan. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

Correction: The story has been updated to reflect that the building is on the west side of the vacant development parcel the development team owns.

Direct link to the property’s ACRIS page and link to DOB NOW portal.