Idylls is a real estate project at 193 Henry Street, and the first construction of its type on the Lower East Side of Manhattan. Using a modular design and prefabricated components, the six-story condominium was assembled in just six days. The mechanical, electrical and plumbing installations were designed by New York Engineers.
Key Facts About the Project
The first floor of Idylls will be used for retail, and the upper five floors are private two-bedroom condominiums, priced above $2 million each. The rooftop has a landscaped common area that includes a barbecue grill. The building’s security features include a 24/7 virtual doorman and audio-visual access control.
The project developer is Daniel Wise, a music producer. He also purchased properties at 201-203 East Broadway to develop a larger 10-unit modular condo similar to Idylls, also with a MEP design from New York Engineers. Curiously, both project sites were purchased from religious organizations for redevelopment: 193 Henry Street used was owned by the Mt. Zion Church of Christ, and 201-203 East Broadway was owned by the United Hebrew Community. The respective sales prices for the properties were $4.15 million and $8.5 million, and the total sellout price for Idylls is currently $14.45 million.
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Advantages of Modular Construction in NYC
The construction process becomes much faster with modular building design, and this brings two key advantages for developers:
The project requires less man-hours of labor. This is highly beneficial in NYC, which is the city with the highest construction costs in the world. The average wages for skilled labor often exceed $100/hour, so there are huge potential savings from reducing the labor requirements of a project.
The project reaches the market faster. Considering the high rental rates and property sale prices in NYC, the time to market is critical. Developers can start selling and renting their units faster if they deploy quick construction methods.
Modular construction is often associated with basic dwelling units, but projects like Idylls prove that the concept is also viable in the high-end market. Keep in mind that modular construction affects not only architectural and structural designs, but building systems in general. Mechanical, electrical and plumbing installations must be designed according to NYC codes as usual, but they must also be laid out to be compatible with the modular construction process. The best recommendation is working with a MEP design company experienced in modular buildings.
Mid-rise constructions with modular designs can be attractive investments for property developers in NYC. The costs involved are much smaller than those of luxury apartment towers, and there is less financial risk involved. The project can be taken to the market faster, achieving quick profits.
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