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A New Vantage Point for NYC
June 8th, 2017 | Posted in Real Estate News
As the summer months roll in, New Yorkers get a whole new vantage point – from rooftops, that is. Enjoying a clear summer day while perched high above the bustle of the city, taking in a spectacular cityscape, it’s impossible not to have an “I love New York” moment.
When we think of NYC skyline our minds conjure an image of dense skyscrapers on the island of Manhattan. But right over the East River another impressive skyline is rapidly growing – on Brooklyn’s waterfront. With thousands of residential units, millions of commercial square footage, and miles of public greenery being added, Brooklyn’s waterfront is undergoing huge redevelopment. This transformation of the urban landscape in neighborhoods from Red Hook to Greenpoint and the once-derelict Navy Yards is not spontaneous. We’ve seen similar conditions play out in Brooklyn’s trendiest neighborhood, Williamsburg. Before rezoning, public access to the Williamsburg’s waterfront did not exist; it was primarily comprised of vacant manufacturing. In 2005, the area was rezoned to allow residential and commercial development. Coupled with market demand, the rezoning spurred a “tsunami of development” to create the Williamsburg we know now.
Brooklyn Navy Yard, for the past few decades, with its high fences and “Restricted Entry” signs has had a foreboding presence. At its height a bustling shipyard in WWII, the area faced great neglect starting in the 1960s. In recent years, the 300 acres owned by the city has been undergoing major restoration and revitalization as an industrial park. With $700M in development planned, an expansion adding 1.8M square feet of new space, and projected 16,000 new jobs, the Navy Yard developers, in partnership with the city are seeking to make it a commercial hub on prime waterfront real estate. This public-private partnership is anticipating catering to the TAMI (technology, advertising, media, and information) market demand, precipitating a shift from Manhattan as the core office leasing market in NYC. As Brooklyn’s residential market has exploded in the past 15 years, so too will its commercial market in the coming years.
If you have time this summer, jump on a Citibike and explore the waterfront Industry City to Greenpoint.
Property of the Month: 860 United Nations Plaza, 19D
- High floor floor-to-ceiling windows
- Full Service Luxury Building
- 1 bedroom, 1 bathroom
- Type: Co-op