Back HomeMidtown Development Continues
New York City Real Estate changes come in two forms: the development of something new and the transformation of something old. What differentiates the New York market from other places is that much of the gentrification that takes place fights the Historical and timeless treasures of the city.
Where the majority of the recent change is seen is in the heart of midtown, more particularly Midtown West. Neighborhoods are being gentrified by the development of high rise buildings, complexes, and the expansion of subways. According to Samtani, the Managing Editor of The Real Deal, the impact is monumental: “It’s been so big and so transformative that it’s shifted the center of gravity in the city from Midtown more toward the West Side” (1). By expanding residential and commercial development as well as transportation hubs, the neighborhood known as Hudson Yards can quickly become a destination and “city center.”
Photo Via Metro US
Central Park South continues to set the standard for the development of luxury residential high rise buildings. The Central Tower is yet another property geared toward foreign buyers and the domestically affluent investors. The street known as “Billionaire’s Row” (57th street), continues to set the tone for the impact on the luxury market (1).
According to The Real Deal’s latest market report, “The average price per square foot for new condo developments in Hell’s Kitchen is up 40.8 percent from 2011” (2). Proving that with popularity and gentrification, come the prices to match.
Written by Kylie Keller
(1) http://www.metro.us/new-york/5-of-nyc-s-most-exciting-real-estate-projects/zsJpco—ZSA1MMLXk8ves/
(2) http://therealdeal.com/2016/03/23/the-week-in-real-estate-market-repots/
