Most New Yorkers have never heard of Corlears Hook. This nook of a neighborhood is located at the intersection of Cherry and Jackson Streets along the FDR Drive on Manhattan’s Lower East Side. The area is named after 17th century Dutch landowners, the Van Corlear family who lived in the bend of the shoreline that had the shape of a hook. This little known waterfront area is one of the neighborhoods that our investment team is most interested in.
It’s the home of the Lower East Side’s new NYC Ferry landing. The dock is one of four new landings for two new ferry routes slated to open this summer, shortening commutes for thousands of New Yorkers traveling to and from the Lower East Side. When service launches, nearby residents will have a 9-minute ferry ride to Wall Street or a 17-minute ride to Midtown, compared to the 13-minute walk that only takes you to the nearest subway stop. A NYC Ferry ride is $2.75, the same as a subway ride, and includes free transfers to other ferry routes.
At Compound, we are always looking for appreciation catalysts, at a macro-level, at a neighborhood level, at a building level, and at a unit-level. We think the new LES ferry is a game-changer for the Corlears Hook surrounding neighborhood. Consider us all in!