One hears a lot about what a great time it is to both live and work in New York City. Historically low crime rates. Safe and effective mass public transportation. Institutions of higher learning, medical, and cultural centers all expanding their opportunities. And in addition to being a tenant, it’s a pretty good time to be a landlord like Joe Sitt in the Big Apple as well. This applies to both residential and commercial property owners, with a number of new projects in the boroughs as well as Manhattan proper. Who are some of the companies who are both current and future developers of exciting real estate projects?
Queens Plaza Park Development
Two of NYC’s biggest developers, Property Markets Group and the Hakim Organization are making a collaborative effort to raise an 829,260-square-foot mixed-use tower at 29-37 41st Avenue in Queens. The building will include seventy stories and will be more than seven hundred feet tall. Designed by the SLCE architectural firm, the Plaza Park will host almost a thousand units, and will include fifteen thousand square feet of commercial space.
10 Riverside Boulevard, Manhattan
After purchasing and sitting on this property for more than a decade, legendary Manhattan developer the Carlyle Group is moving forward with its project partner Extell Development to erect a tower on the corner of Riverside Boulevard and 59th Street on the Upper West Side. Upon completion, the building is anticipated to be over four hundred thousand square feet in size. It will have thirty-six stories, and will stand over four hundred feet tall. This project will feature almost three hundred units. The developers plan some mixed use of the property as well, as filed plans mention almost fifteen square feet of basement space being reserved for commercial use. The designing architectural firm is Goldstein, Hill, and West.
This Bronx neighborhood will be getting a new residential building, courtesy of Monadnock Development. Located at 530 Exterior Street, the building will feature thirteen stories and be a relatively low one hundred and twenty feet. It will offer over a hundred and fifty residential units, and almost fifty parking spaces will be available. The building design is being done by Dattner Architects.
Why NYC Is a Developer’s Market
After recovering from the rocky real estate period of the Great Recession, New York City real estate markets (and their developers) continue to flourish. Why? Experts point to:
-low interest rates
-developer-friendly city rezoning
-greater demand for more commercial and residential properties in boroughs
-wave of technology companies moving into city
So while some northeastern developers continue to struggle following the real estate bust, the needs of New York City are forecast to benefit developers for some time to come.