The Marais

The Marais

520 West 23rd Street, New York, NY

The Marais is a 107-unit luxury cooperative apartment building completed in 2003. Rising 15 stories with dramatic city views, the building contains studios, one-bedroom, and two-bedroom units. Many have washers and dryers and more than half have private outdoor space. Designed by SLCE Architects, the Marais was the first residential building to adjoin The High Line, now an internationally renowned elevated park. The ground floor contains 4,250 square feet of retail space leased to an art gallery and dry cleaner.

The Marais was the first development following the 1999 rezoning of a portion of West Chelsea along 23rd Street to permit residential use. Instead of purchasing the site, Hudson negotiated an advantageous rent for the property pursuant to a 75 year ground lease.

Originally planned as a rental project, Hudson changed the program to coops during construction to take advantage of the rapidly improving market for ownership units in the area, and in recognition of the niche demand for rental-sized, for-sale apartments. Hudson was successful in overcoming initial lender resistance to providing coop end loans to purchasers in a building on a ground lease. Roslyn Savings Bank provided construction financing, and the building received at 10-year partial exemption from real estate taxes under NYC’s 421-a program.

The Hudson Companies sold this property in 2003. Please click here for realtor information.

Project Summary

  • 90,700 gross square feet
  • 107 co-operative apartments
  • Completed February 2003
  • Concrete poured-in-place construction
  • Design by SLCE Architects
  • Construction management by Monadnock Construction Inc.
  • Financed by Roslyn Savings Bank
  • Marketing and sales by DG Neary Realty

Site design by Naiad Design