Moinian Group Reboots Manhattan Office Project
The spec development is among the city's first since the beginning of the pandemic.
Rendering of 3 Hudson Blvd. Image courtesy of The Moinian Group
The Moinian Group is ready to start construction on the Hudson Arts Building, a speculative mid-rise office project that will take shape in Manhattan’s Chelsea district. The developers initially announced groundbreaking two years ago, but progress has been stalled by the pandemic. The revitalized project should be ready for tenant buildout at the start of 2024.
The 10-story building designed by Studios Architecture will rise between West 25th and West 26th Streets. Plans call for 200,000 square feet of office space and amenities. Floorplates will range between 11,000 and 25,000 square feet. Amenities will include 15,250 square feet of outdoor space, a 12,400-square-foot roof terrace and a gym. The ground-floor space has been designed to serve as an art gallery, but will also be suitable for retail.
Located at 220 11th Ave., the future site of the Hudson Arts Building is within walking distance of the Hudson River waterfront and a half mile from the 23rd Street and Hudson Yards subway stations.
A JLL team led by New York Region President Peter Riguardi will handle leasing for the Hudson Arts Building. The Moinian Group will also be represented in house by Ted Koltis, the company’s head of commercial leasing.
The strong demand for boutique office properties prompted The Moinian Group to list the penthouse level at $200 per square foot, which is the highest asking price to date for Chelsea office suites, according to the company’s press release. The figure is more than double the Manhattan average listing price of $74 per square foot, the latest CommercialEdge report shows.
The Moinian Group is currently developing another major office property half a mile from the Hudson Arts Building. In a joint venture with Boston Properties, the company is set to deliver 3 Hudson Blvd., a 1.9 million-square-foot tower within the Hudson Yards District. Initially slated for 2021 completion, the $2 billion project is now on track for delivery in 2023 after pandemic-induced delays.
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