Tuesday, January 26, 2010
The sign from more than a year ago read, "Coming Fall 2009", well not quite, but the finished product looks fairly compelling. At the corner of East Fourth Street and Bowery rises a 15 story 144 unit rental building. The building is a refreshing red brick effort (no offense to Mayne's Cooper Union or Dubai On The Bowery), with hunter green window panes and looks like a pretty good fit in the neighborhood (okay flame away). The base of the building is 6 stories with 24,000sf of retail with an additional 9 floors set back off street level give the lower portion a scale that works with neighboring buildings. Atlantic Development is building the market rate rental building that promises a "country club-like atmosphere" that will include rooftop pool, fitness center, etc... Apartments will be studios, 1 bedrooms, and 2 bedrooms with sizes ranging from 500sf-1050sf.
There are two reasons why I like the building and think it will be a success. First, I like red brick. There should be more of it in new developments. Second, the location is a no-brainer! The Cooper Square, Bowery, and Lafayette area is one of my favorites in the city. Not only do you have a built in market with NYU kids, you also have a central location and wide, less used streets, and a stimulating mix of both modern and prewar architecture. My only knock on the building would be that they didn't include larger layouts. A few 1500 sf 3 bedrooms would have drawn a nice premium and would be gobbled up quickly. That said, given the location, expect this building to fill up much quicker than your average.
2 Cooper Square Gets Foundation, Looks Forward To "Better Days" (AFB 3/13/09)