New Residential Developments Coming to NYC

New Residential Developments Coming to NYC

Several new residential developments are underway throughout New York City. Whether you are interested in a condo, a residence near a university or an affordable housing option, there will soon be several new options available to you. Here is a look at just a few.

Midtown Skyscraper Gets New Façade

A 42-story rental and condo building on the Far East Side has recently received a shiny black glass façade. Located at 685 First Avenue between 39th and 40th streets, the building topped out in September of last year. Designed by Richard Meier & Partners Architects and developed by Sheldon Solow, plans for the building were filed in 2015 with construction beginning the following year.

Construction of the building, which is comprised of a mixture of condos and rentals, is expected to be complete sometime next year. The lower portion of the building will contain 408 rentals while the upper section will contain 148 condos with the two sections separated by a terrace located right above the 27th floor.

34-Story Rental Coming to Long Island University’s Brooklyn Campus

A 34-story building will soon replace Long Island University’s athletic fields located near 161 Ashland Place. Being developed by RXR Realty, the building will include space for the university on its lower floors while the upper floors will house apartments. Once complete, the project will comprise of three separate buildings, with one being dedicated to the university, another being a residential development and another being a new parking garage. The residential portion of the development will offer 476 apartments, with 140 of those being affordable units. Amenities will include a fitness center, a yoga studio and a kids playroom.

RXR reportedly paid Long Island University $76 million for the developments rights, with the university choosing to spend $35 million of those dollars on the new building. The remaining dollars will go toward the development of a new athletic field with any remaining funds going toward scholarships and maintenance of existing facilities. This will be the biggest expansion for Long Island University since the school was founded in 1926.

New Bronx Complex Offers Affordable Rentals

A Bronx complex designed by COOKFOX will bring new affordable apartments to the area. Consisting of two buildings at Park Avenue and East 178th Street, the lottery for the 80 studios within the second building has recently launched. Known as the Webster Residences, the studios within the building will rent for $675 per month and will be available to individuals making between $25,029 and $40,080 per year. In addition to housing affordable apartments, the building will also have supportive housing and on-site social services. Residents will also have access to a garden, a fitness room, on-site laundry, a computer lab and bicycle storage.

The first of the two buildings launched its lottery last year in February. Known as Park House, the building features 227 affordable apartments and received more than 55,000 applications. Developed by Break Ground, the building opened its doors to residents in October. Prospective tenants for the Webster Residences have until March 20th to apply.