New Developments Underway in NYC

New Developments Underway in NYC

Several new developments are underway in New York City. Here is a look at just a few and their progress toward completion.

Central Park Tower Development Makes Progress

Soon to be the tallest residential tower in the world, the Central Park Tower located at 225 West 57th Street is making progress toward its development. Recently revealed to be a 1,550-foot tower, plans for the extell-developed supertall have been kept largely under wraps. Plans are underway, however, to place a massive Nordstrom store in the first seven floors of the tower. Designed by Adrian Smith + Gordon Gill Architecture, the tower is expected to be completed in 2019.

The Getty Condos to Start at $15 Million

The Getty, which is a new development replacing a gas station by the same name, will soon be offering condos starting at $15 million. Developed by Michael Shvo and Victor Group, the ultra-luxe building will feature six full-floor residences starting at roughly $4,500 per square foot for a 3,300-square-foot home. The building also boasts a 6,400-square-foot duplex penthouse with an asking price of $50 million. The penthouse includes a rooftop terrace, 3,000 feet of exterior space and a private pool. The building itself will be finished with materials from around the world, including wood, marble and stone from India, Greece, Pakistan and Uganda. The building will also house an art museum featuring pieces from the private collection of J. Tomilson Hill, who is the vice chairman of I-banking firm the Blackstone Group.

Dance Theatre of Harlem Site to Become Affordable Housing

Developer BRP Companies has reached a deal with the city to remove restrictions on the site once owned by Dance Theatre of Harlem that will remove restrictions on the land. This will allow the developer to build affordable housing at the site. Located at 152nd Street and St. Nicholas Avenue, the site was purchased by BRP Companies for $3.1 million. The developers plan to build 38 affordable units at the site along with a dance theater on the ground floor. The project is one of 10 that the Department of Housing Preservation and Development chose to receive federal funds as part of the Low-Income Housing Tax Credits program. Upon completion, the apartments will be available to those who meet income requirements ranging from 40 to 60 percent of the area’s median income.

Upper East Side Rental to Include Three Schools

A 1,100-unit building developed by AvalonBay Communities will feature 330 affordable apartments as while also bringing three new schools to the area. One of these schools, which will be located at 321 East 96th Street, will be called the School of Cooperative Education. In all, the development will span 1.3 million square feet with approximately 270,000 square feet of that space going toward the new schools. Approximately 20,000 square feet of retail space will also added. Of the 1,100 apartments located in the 68-story rental, 330 will be permanently affordable. The residential part of the new development is expected to be complete in 2023 while the schools are expected to open in 2021 and 2022.