New York City is about to experience a massive investment in the real estate industry. A majority of these large-scale real estate developments are office projects. Of the top 10 planned developments, only three are residential buildings, and one earmarked to be a hotel.
One of the most notable projects is the Tishman Speyer’s Queens Plaza in Long Island with nearly 1 million-square-foot commercial space. It is the largest of the projects formally proposed in June. The project involves two connected towers that are expected to be 27 stories high.
Thor Equities is a distant second with a proposed 645,103-square foot office development. The project will be built on 270 Richards Street, on Red Hook’s waterfront, at the former Revere Sugar Refinery site. The development will be a five-storey office block with a roof deck and a walking track.
Steiner NYC will be developing a 248,489-square-foot building that will house Wegmans grocery store. This property will stand on the Brooklyn Navy Yard on 21 Flushing Avenue.
A drug treatment facility in 22 Chapel Street Brooklyn will give way to a 150,431-square-foot mixed use property. Whereas the ground floor will have 2,000 square feet of retail space, 180 residential units will feature from the third to the twentieth floor.
2956 Park Avenue, Bronx will host 154 housing units on a proposed 15-story building spanning 148,318 square feet. The building will have an affordable housing component.
First planned 12 years ago, the 160-unit building located on the parking lot of the Robert Fulton public housing complex will be a mixed-income rental project. The 18-floor building will have a span of 122,955 square feet.
12 East 48th Street, Manhattan will play host to an 115,924-square-foot hotel with 161 guest rooms. The ground floor of the $47 million project will host retail component.
F&T Group plans to build a 14-story office building spanning 77,228-square-feet. This development will be at 37-12 Prince Street, Queens.
A 14-story office and retail building on 827 Broadway, Manhattan in Greenwich Village is set to be built to host retail outlets and office space.
Boris Aronova, on the other hand, plans to develop a 17-story office building in Midtown. This building will replace two small buildings standing on 43 West 47 Street, Manhattan.
Expectations are that TOWN Residential will be managing some if not all of these new developments in New York City. TOWN Residential is the leading luxury real estate firm in New York City. The company has cemented its position as New York’s ultimate luxury real estate firm in just five short years, having been founded in 2010. The company offers unparalleled services in the luxury real estate field.
Under the executive leadership of Andrew Heiberger and Jacqueline Pestana, TOWN Residential has built a team of professionals who have gained immense knowledge and experience in the real estate industry. The team has achieved new standards of excellence in the industry.