I’ll Still Take Manhattan
No one can deny that Brooklyn’s in demand. But will that really spell a slowdown in action on the island that started it all? Not if the city’s multi-billion-dollar real estate business is any indication. “The development of the west side of Manhattan is one of the most exciting real estate endeavors to happen in New York City in decades,” says Jeff Blau, the CEO of Related Companies, which is overseeing much of the massive undertaking. “In Hudson Yards alone, there will be thousands of new residences and more office space than what is currently available in downtown San Diego.” Slated for completion in 2025, the neighborhood—which spans the area between Tenth and 12th Avenues from West 30th to West 34th Street—will include luxury apartments and retailers (like the city’s first Neiman Marcus), in addition to prospective landmarks like the Vessel, a futuristic public structure that’s expected to draw crowds to rival those at the Eiffel Tower. Just a few blocks south is another part of town that’s only getting hotter, according to Town Residential founder Andrew Heiberger. “The 23rd Street corridor, which was once a retail area, is now seriously appreciating [in value],” Heiberger says of buyers’ desire to own a piece of the rapidly transforming neighborhood, before adding, “The areas south of 34th Street, moving east from Chelsea all the way to Gramercy Park, are thriving.” But don’t just take their word for it—earlier this year, Forbes reported that “more money was spent in commercial real estate” in New York City in 2015 than since 2007’s record peak, with Manhattan netting most of that haul. So, yes, while some might choose Brooklyn, there’s no shortage of those who’ll still take Manhattan.
— Rachel Wallace