The LowerEast Side is getting glassy
While nightlife remains active and new eclectic restaurants continue to pop up on Manhattan’s Lower East Side, change is brewing on the real estate front. This fall will see an influx of more shimmering glass towers to this historic neighborhood.
Starting at the corner of Chrystie and Stanton, where renderings of the new Ian Schrager development, the Herzog & de Meuron-designed 215 Chrystie St. surfaced this summer. With a 370-room hotel covering the first 18 floors and 11 enormous condos above it, the project will become a noticeable fixture in the East Side skyline, though completion is still about two years away.
Just south, the long-discussed cantilevering 100 Norfolk is rumored to launch sales this month, and later this year we should see new renderings for Essex Crossing, a megaproject comprising 1.9 million square feet of residential, commercial and community space. It may be years away from completion — paperwork was recently filed for the first four buildings — but when it’s ready, it’ll definitely confirm to any passers by that this is not our grandparents’ LES.
All eyes on Crown Heights
In New York City, food and shelter aren’t just necessities: they’re hobbies and passions. The connections between them run deep, too, as can be seen in both the real estate and food industries buzzing over the development of Crown Heights.
While new condos and rental buildings are popping up further east — like 341EPW, which is already over 50 percent leased after launching this past July — residents are also getting their fair share of trendy food options. Berg’n, the Smorgasburg Team’s outpost in the neighborhood, opened this summer for an indoor market serving such favorites as the Ramen Burger and Mighty Quinn’s BBQ, in essentially a garage space.
But like all neighborhoods that get hip, some condo units in the area are now priced over $1M, previously unheard of in the nieghborhood. If you’re going to pay more in rent, you might as well eat well.
Will the most expensive penthouse in downtown NYC history find a buyer?
Last year saw the sale of the most expensive condo in downtown history, at $50.9 million in Walker Tower. Now, the new unit trying to set the mark is the penthouse of the famed Woolworth building, listed at $110 million.
It would also be the highest purchase price for a condo in NYC history, with seven floors and a private elevator among the amenities trying to lure an $11,700 per square foot buyer.
Long Island City to see thousands of new renters
The LIC waterfront has had its time — with over a decade of development bringing highrises to the coast of Queens — but now it’s the rest of the neighborhood’s turn in the spotlight. The Court Square area and its near vicinity will see over a thousand new units hitting the market in the next two years.
New buildings such as 26-14 Jackson Ave. will offer renters amenities such as roof decks and fitness centers. Also attracting new tenants: The nearby subway access (Court Square or Queensboro Plaza) and trendy neighborhood hangouts like hot spot Dutch Kills. With development of nearby 5Pointz underway, current residents can expect a different looking area when they re-sign their leases in 2015.