With New York's luxury housing demand remaining strong as the city contends with one of the country's lowest rental vacancy rates, The Maybury, a 46-story tower at 550 10th Ave. on Manhattan's far west side, wants to play a part in feeding that appetite.
The 453-unit mixed-use building includes some 315 market-rate units with the remaining apartments serving as affordable housing. It also features about 9,000 square feet of prime retail space that developer Gotham Organization said "enhances the streetscape." The building's two podium floors house a 26,764-square-foot office that now serves as the international administrative headquarters for Covenant House, a nonprofit provider of homeless shelters for youths.
The Maybury is located near Hudson Yards, the largest U.S. private development, and the Hell's Kitchen neighborhood. The property has an average market asking rent per unit of about $6,400, above the neighborhood's average of about $4,700, CoStar data shows.
The project in 2021 landed nearly $250 million of financing, led by some $212 million in construction loans from Wells Fargo and U.S. Bank, Gotham said at the time.
The project has been selected by real estate professionals familiar with the market as the winner of the 2025 CoStar Impact Awards for multifamily development of the year for New York.
About the project: Gotham and its equity partner's purchase of Covenant House’s former headquarters on the site paved the way for the new development. The property, located near the Hudson River Greenway and High Line elevated park, features studios to two-bedroom apartments along with a rooftop lounge and sundeck among its amenities.
What the judges said: Ron Cohen at Besen Partners said the project "retained the former tenant Covenant House and provided a number of innovative amenities and features within the building."
Josh Wein at RAL Cos. said The Maybury "transforms" the Hudson Yards neighborhood and "integrates community impact" through the space for Covenant House’s headquarters. "Its iconic design, luxury amenities, and community-focused programming elevate urban living" with the development "strategically located with excellent connectivity" that "exemplifies impactful and inclusive development."
They made it happen: The Gotham Organization's team included Chief Executive David Picket; President of Development Bryan Kelly; Assistant Vice President of Acquisitions and Development Stephen Strateman; Vice President of Development Wade Stevens; Executive Vice President of Construction Charlie Loskant; Assistant Vice President of Construction Sean McGreevy; Chief Operating Officer Phil Lavoie; Senior Vice President of Asset Management Eva Nucci; and Vice President of Leasing Wiam Riyad.
CoStar senior market manager Grant Hunt contributed to this article.