From Wall Street to Yorkville in Manhattan, as well as in Brooklyn and Queens, NYC real estate projects are booming. Factors such as the completion of buildings at the World Trade Center and the opening of the Second Avenue subway will drive both residential and commercial real estate markets over the next 20 years. The revitalization of long-abandoned areas is also transforming other sections of the Big Apple. (For more, see New York City Real Estate: A Safe Haven?)
Two New NYC Real Estate Projects: Yorkville and One World Trade Center
Yorkville started seeing premiums in pricing and new development in 2014, before the Second Avenue subway had its first phase completed on January 1, 2017. Now that the line is fully operational up to 96th Street (and maybe being extended to 125th Street), the upgrading of the neighborhood it serves will surely continue. The downside? The cost of living there is going to go up. Apartment renovations and condominium upgrades are happening throughout the area. These will likely be followed by the revitalization of commercial buildings.
The opening of One World Trade Center in 2014 was just the start of major change for Wall Street. By 2020 the revitalization will be complete, bringing two more towers along with a performing arts center, retail mall and church. As businesses return to fill the new towers, tip-of-the-island real estate will probably see a further rebirth.
And More in the Works
The two projects above will account for only a small part of the developments affecting New York City over the next 20 years. Others on…