New York City is one of the greatest and largest cities in the world. And even for its large size, it continues to develop, grow and transform so it remains on the front-of-mind as a business and residential opportunity.
The highlight project in the area is a 19-story, 420,000-square-foot mixed-use building that will go up in East Harlem, which will combine community space with both residential and commercial space. There are several other buildings scattered around the boroughs.
Long Island University has a campus in Brooklyn, and the university is currently working on a 34-story residential building that will hold about 475 units, stand nearly 450 feet tall and use up more than 320,000 square feet. Another residential project under construction is in Lower Manhattan (around 21st Street) and will stand about 20 stories tall and contain about 38 units in a 172,000-square-foot property. There is also a 100-unit, seven-story residential project planned for the Flushing area of Queens that will occupy about 106,000 square feet of residential, commercial and community space.
Among the largest projects on the current consruction list in New York is the only Bronx project in the top-10, a 10-story, 115-unit residential building that will be designed for low-income seniors and will contain about 70,000 square feet of residential space.
The largest project in Brooklyn is the second-largest on the current list, a nine-story commercial and parking structure, spanning more than 410,000 square feet. The first four floors will be for parking, the next four will have light manufacturing space, and the top floor will be for so-called “creative space.” Whatever that means.
One of the “bargains” in New York City is in Greenwich Village, where a 60,000-square foot , 13-story mixed-use project will be built on a parcel (and a building right next to it) bought up by a Hong Kong-based investment firm for just a little north of $50 million. This project will have 45 residential units and a mix of commercial space.
Despite being one of the oldest metropolitan areas on the North American continent (dating back to its days as “New Amsterdam”), New York City continues to transform itself by making all things new over time. It continues to be one of the more dynamic cities in the world, and the commercial real estate market in the city continues to thrive and be on the upswing