Real Estate Changes Happening in NYC

Real Estate Changes Happening in NYC

A number of real estate changes are coming to NYC in the near future. Here is a look at some of the developments you can expect to see.

Harvard to Bring New Buildings to Western Avenue

Harvard has filed plans to build two new buildings to Western Avenue in Allston. Totaling 400,000 square feet each, the buildings would bring office and lab space to the area along with a hotel, a conference center and apartments. Situated on a 36-acre plot of land over the Charles River, plans for the development are still in the early stages. Current plans call for the buildings to run from 140 feet to 190 feet in height with the commercial and retail space located on the ground floors. Ultimately, university officials say they are trying to create more than just an office park but more of an urban living space.

Mall to Become Mixed-Use Development

A former mall in flushing is slated to become a mixed-use development project featuring a total of four buildings. The first of these, a 13-story condo boasting 192 apartments, have already been put up for sale. Sales on another 125 apartments located in the second building will launch early this year.

Apartments in the first building, known as Tangram House South, vary in size from studio to three-bedroom units ranging in price from $625,000 to $1.85 million. The first penthouse within the project has already sold for $2.76 million. Both Tangram House South and the second building, Tangram House West, will sit atop a 225,000-square-foot retail base. The South Korean movie theater chain, CJ CGV, will be located within this retail base. The theater will be only the third 4-D cinema in the city for mainstream films. Once complete, the development will also include an office condo building, a 200-room hotel, a beer garden, a food hall and themed restaurants.

Co-Living Tower May Soon Come to South End

A 14-story co-living building has been proposed for the South End’s Ink Block complex, with many of the apartments in the 2450unit building expected to be smaller than 400 square feet in size. In addition to featuring micro-apartments, the complex will offer organized activities in what the developers are calling a “millennial resort.” In short, the services are being designed in a way that is meant to draw tenants out of their homes and into the community with events such as wine tastings and sightseeing tours.

With the apartments being smaller sized and with the building being marketed toward millennials, rents will be somewhat less than similar apartments. Yet, unlike most co-living arrangements, leases would be one- and two-years rather than the short-term leases that are typically found with co-living situations.

Bedford-Union Armory Redevelopment Moving Forward

The City Council has voted to approve the rezoning of Sutton Place, a move that will place new caps on the heights of developments in the area. Under the plan that has been approved by the City Council, which involved the rezoning of Sutton Place, the redevelopment of the Bedford-Union Armory will include 250 rentals below market rate and available to residents earning between $25,000 and $57,000 per year. The remaining 150 rentals will be available at market rate. The development will also feature a community recreation center and a permanently affordable office space for nonprofits.