New plans in NYC’s booming borough
Published: May 16, 2013
Given New York’s tight real estate supply, it’s good news when we can share new developments that are breaking ground. Let’s go to Brooklyn, a booming borough these days, to learn more.
In Williamsburg, an influential hub for indie rock, hipster culture and the local art community, construction has finally resumed at the stalled 500 Metropolitan Avenue site, once dubbed “The Gateway to Williamsburg”. The 15-story project will be mixed use, with 148 hotel rooms and 81 residential units, and is slated to be completed in 2015. The developer is still Chetrit Group, the architect is still Gene Kaufman, and the building will still be wedge-shaped and glassy. The construction has been on ice since the economic downturn in 2008.
In Greenpoint, the northernmost neighborhood in Brooklyn, developer Park Tower Group recently unveiled its latest plan for a huge 22-acre development. The plan calls for 5,500 apartments spread among as many as two dozen buildings, including 10 luxury towers of 30 to 40 stories. More than 1,400 units of affordable housing are already planned for the site. Planning for the development began more than a decade ago but just as the developer was preparing to build, the recession hit.
Park Tower Group hopes to break ground on the first tower by the end of this year or early next year. In June, the plan will have to go through the six-month public review process (the public review has little to do with the towers and more to do with modifications to the original plan). Financing has yet to be secured, although the developer is "in advanced discussions with a number of lenders".
Let’s go to Miami now to discover the city’s next trendy district, Edgewater, located just north of downtown, where a real estate boom is underway. Edgewater’s big draw is the bayfront. Developers like Melo Group and the Related Group have purchased parcels in the area with plans for high-rise condominium and apartment projects. In fact, the Melo Group currently has seven projects planned for the bayfront area!
Meanwhile, the Related Group paid $29 million for a prime site at Northeast 31st Street, land that sold in 2012 for $11.5 million! Related plans to build a high-rise condominium on that spot. Separately, Related’s Icon Bay condominium project in Edgewater launched pre-sales last fall and is currently described as “basically sold out”.
In addition to developers snapping up parcels, keying up high-rise projects and driving up land prices in the bayfront area, the revival of construction – which as many recall came to a halt during the real estate crash – promises to remake Edgewater, a once-blighted area.
This is it for today, dear readers. I am available to answer your questions and provide you with more information on New York City, Miami and U.S. real estate.
• Riccardo Ravasini is a real estate maven and an active agent in New York and Miami. He grew up in Italy where he studied Business and Finance at Bocconi University in Milan before moving to the U.S. He enjoys assisting people in the search for the perfect rental apartment as well as international buyers looking for smart investment properties. Contact him at +1-917-214-2509 or firstname.lastname@example.org.