New York City is the hot bed for real estate projects and deals. Everyone wants to buy and sell houses in the city. Foreign investors are eye key spots and major projects that are reaching completion. With an already exciting landscape, the city is bursting with energy as new building are popping up.
While the city has been seeing epic sales of commercial and residential properties, a progressive push in making changes to the public transit system, new architectural feats and landmark building projects, everyone’s waiting to see how these changes will transform the landscape of the city. We’ve put together findings on what to expect.
Opening of megaprojects
NY Curbed reports tell us to expect the following projects to open doors. These are all multi-million dollar projects and some of the most tallest too.
- The first phase of the Market Line
- The new Essex Street Market
- Trader Joe’s
- NYU Langone’s Joan H.
- Preston Robert Tisch Center
- Regal Cinemas
A revamped Brooklyn Navy Yard
According to reports from The Real Deal, the Brooklyn Navy Yard will undergo a $2.5 billion development plan. It will have an additional 5.1 million square feet of space to the Tech Triangle site. This new project will cover 24.5 acres of the 300-acre property.
The city saw a disturbing transit situation in the last year. But there’s lots of action this year to make things better. According to NY Curbed, $ 836 million has been allotted towards an emergency plan to address long term and immediate transportation issues with the subway.
Fixing of signals, maintenance, cleaning the tacks, and increasing the number of cars on trains are part of the plan. One of the bigger things to look forward to is the L train shutting down. On the other hand, there are plans to improve bike infrastructure by creating protected bike lanes in some parts of the city.
Among the number of tall-tower projects that are ongoing in the city, here are some that stand out and will be completed soon, to change the skyline of the city.
- The SL Green-developed building will most probably complete 39 stories and will be completed in the next two years.
- The 3 World Trade Center will open officially. It will be the fourth building to be completed on the new World Trade Center campus.
- The Central Park Tower will reach to 1550 feet. This ultra luxury condo will be one to look out for.
- Brooklyn’s first super tall skyscraper at 9 Dekalb will progress speedily to reach the 1066 feet mark.
The Real Deal reports point to a new and fascinating trend. Developers are now looking at new neighborhoods. Here are some to check out if you’re looking for a property.
- Far Rockaway, Queens: With a fresh rezoning and new transit improvements, major NYC developers have upped their interest in the seaside enclave.
- Rego Park, Queens: Both residential construction and investment sales are skyrocketing, but the area is better for long-term investments.
- East New York, Brooklyn: Affordable housing is where profits are penciling out, but it is not yet clear when the area will be ready for market rate.
- Longwood/Morrisania, The Bronx: The adjacent neighborhoods have seen residential applications skyrocket over for a number of years now.
With all these changes and more, are you curious to see how the city changes?