As Hudson Yards continues it’s march towards completion in 2025 and many amenities are open or near open including the Culture Shed, and the Vessel, the development is effecting nearby development.
According to Real Estate Weekly, brokers in nearby developments- both rental and sale are seeing increases in activity. These new developments include 515 West 29th street aka Five One Five, a boutique condo building with 3 listings on streeteasy starting at $4.375 mm for an 1895 sqft(172m2) 2bd/3ba. Also listed on the same block is 550 West 29th street which features a 3290 sqft(306m2) penthouse with a huge outdoor space in a 19 unit boutique building.
Neaby rental buildings are also seeing increased activity due to the influx of new commercial tenants to Hudson Yards. According to brokers representing those luxury rentals, some do not want to live exactly where they work but with a 5-10 minute walk and as a result are choosing nearby Hell’s Kitchen developments like Sky and The Oskar.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Ariana Grande and her fiance SNL’s Pete Davidson have purchased in the Zaha Hadid building in West Chelsea. The building is full of amenities including a private Imax Theater and skylit pool. There are 39 units in the building with 5 showing as active on listings site Streeteasy. Prices range from just over $5mm to over $13 mm for the available units.
This swimming pool in 520 West 28th street where Sting and Trudy Styler might run into their new neighbors Ariana Grande and Pete Davidson.This is the gym in the Zaha Hadid West Chelsea new development
According to the latest reports, about 4600 new condo units will be listed this year in NYC. That is in addition to over 3000 that came online in 2017. Given that new development without an amazing location, is selling slowly that sounds like a lot of choices for buyers and anxiety for developers.
Ziel Feldman is bringing to market $3.4 billion in inventory within two projects. One is the Upper West side conversion of the Belnord with large units over 2000 square feet and another is the twisting condo towers known as XI on the Highline. Both projects come with starchitect pedigrees with Robert A.M. Stern redesigning the Belnord and Bjarke Ingels handling the designing of the new construction Highline condo.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
In general, most of Manhattan has appreciated over the last several years but some areas have outpaced others in terms of appreciation and residential development. Harlem is one of those areas. In 2010, I was looking at townhouse on West 136 street which could have been purchased for just under $1 million intact. Now those same buildings, a mere 5 years later are double the price.
The NYPost profiles 3 micro nabes and details what’s going on in terms of development and why the market is heating or already hot. They are not suprisingly:
1- Harlem
2- Fidi but more specifically Park Place
3- The Highline
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
