While the New York City real estate market has been considered one of the strongest in the country for decades, 2016 will mark one of the biggest years that the city has ever had. While it seems like the city would have run out of land or development sites by now, there are suddenly many big real estate projects that are coming online or ending development in 2016.
One exciting project coming to New York City will be taking place in the Bronx. The real estate firm Omni New York will be building a new 154-unit residential apartment building in the Melrose neighborhood of the Bronx. The building will have about a 150,000 square foot footprint and will be about 15 stories in height. According to the permits filed, it will likely have some level of affordable housing component, although the exact amounts are not yet known. The building will also have some retail square footage located on the ground floor, which will help to serve the residents of the building and the other local communities located nearby.
Another project that will be coming online will be taking place in Manhattan. Located on 48th Street, Hidrock Realty will be developing a new 31-story hotel in Midtown East. This hotel will have about 161 guestrooms in total and will have a ground floor retail space. While the ultimate operator of the hotel is not yet known, it will likely be a higher-end operator. Hidrock bought the land in 2014 for around $50 million.
If you are looking to invest in New York City real estate or to purchase a new home in the city, a great place to start your search would be with Town Residential. Town Residential is a boutique firm that specializes in luxury apartments for rent in New York City. The company provides a variety of services to clients, homebuyers, developers, and property managers. They also provide the marketplace with up to date market information through their regular newsletters. This will help to ensure that any of their clients are provided with the most current market information.