Essex St. and Delancey St. Rendering | Source: NYCEDC
Change is a constant when it comes to development in New York City, where new apartments, condos, businesses and institutions are rapidly popping up.
With all the property development taking place, it can be difficult to narrow down which commercial, residential and institutional projects are the best, or most significant and game-changing for the bustling city. Among the bounty, however, here are seven projects worth noting in 2017, although some will not reach completion for several years.
121 E. 22nd Condos
Presented by Toll Brothers City Living, this stunning, prismatic 133-condo building is the first residence developed by the world-renowned Office of Metropolitan Architecture (OMA) firm, which was founded by Rem Koolhaas. According to an article on Curbed.com, the condos, situated at the intersection of the Gramercy and Flatiron neighborhoods, went on the market in February. From studios to five-bedrooms, the units range in price from $1.3 million to $10.5 million.
Construction of Essex Crossing, located on Manhattan’s Lower East Side, began in 2015; completion is slated for 2024. This $1.1 billion development will feature more than 1,000 residences; 400,000 square feet of office space; and 800,000 square feet of retail locations over nine sites. According to the official website, the sites will be connected by a new park, green spaces and bike paths above ground and a marketplace below ground called The Market Line.
Located on Manhattan’s West Side, Hudson Yards is the largest development in New York City since Rockefeller Center. The new 28-acre neighborhood – a collection of 4,000 residential units, office buildings, restaurants, retail space, a public school, parks and public open space – is under development. The first complete tower on the site opened in May 2016, and the entire development is set to be completed by 2024, according to an article for Business Insider.
45 Park Place
Standing 43 stories high, this skyscraper in Tribeca was developed by Soho Properties CEO Sharif El-Gamal and features 50 duplex penthouses, tower residences and loft residences that just became available for purchase in April. The three stories of amenities – including a pool and spa, gym, yoga studio, lounge and children’s play space – are reserved for owners. According to Curbed.com, an Islamic cultural center and museum is part of the final design.
Located in Brooklyn, Pacific Park is a $6 billion property development project that will offer nearly 6,500 new apartments, a variety of shops and an 8-acre park. One of the site’s affordable housing buildings, located at 535 Carlton Avenue and designed by COOKFOX Architects, opened in November 2016. It offers 298 affordable and rent-stabilized apartments, according to Curbed.com. Pacific Park Brooklyn, situated between Fort Greene, Boerum Hill, Clinton Hill, Prospect Heights and Park Slope, should be completed in full by 2025.
Cornell Tech Campus
Cornell’s new campus on Roosevelt Island is being built in phases, with the first opening sometime this year. Cornell, Ithaca’s Ivy League university, received $100 million in capital funding from the city to help build the campus, which will cost an estimated $2 billion. The new innovative, sustainable academic campus will be made up of a combination of dorms, offices, classroom buildings, restaurants and a hotel.
Hunter’s Point South
The 30-acre Hunter’s Point South development, located in Queens’ Long Island City neighborhood, represents another effort to create more affordable housing in Manhattan. According to Business Insider, more than half of the building’s 5,000 units will be offered below market rate. The project broke ground in 2013 and move-ins started in 2015. The second of three phases should be completed in 2018.
All across New York City, exciting real estate developments are taking place, with affordable housing and comfortable multi-functional neighborhoods being prioritized by the city and property developers.