Approximately 83% of Americans believe that having a yard is important. Unfortunately, not every property owner across the country has the luxury of enjoying a nice backyard — especially in Manhattan.
That being said, Manhattan is still one of the most popular real estate areas in the U.S. and the entire world. There are certainly some affordable houses, apartments, and condos in New York City, but Manhattan isn’t exactly known for its cheap properties. In fact, throughout the third quarter of 2017, the average sales price in Manhattan for condos in existing buildings was approximately $1.9 million.
Believe it or not, $1.9 million isn’t even that high when it comes to NYC housing and real estate projects. According to Pacific Standard, Hudson Yards, the largest private real estate development in U.S. history could soon alleviate Manhattan’s housing pressures.
Hudson Yards is a $25 billion megaproject that will include new parks, a seven-story mall, a $500,000 cultural center, an avant-garde art installation, translucent towers, and will feature dozens of high-end shops, restaurants, and 20,000 apartments.
It should be stated that Hudson Yards will also reserve 5,000 apartments for affordable housing, allowing low- and medium-income New Yorkers to reside there via a housing lottery.
In addition to the Hudson Yards, there are plenty of exceptional real estate developments on the horizon. Here are some of the largest and most expensive real estate projects coming to New York City:
- 3875 Ninth Avenue, Manhattan — The largest project filed for NYC last month was for this Inwood project. Jorge Madruga’s Maddd Equities and Joy Construction are at the helm of this 582,000 square foot building, which will stand 30 stories tall, and have 614 residential units. Additionally, the development will include 66,000 commercial space and 25% units, which will be permanently affordable.
- 6301 12th Avenue, Brooklyn — A former Angel Guardian home in Dyker Heights was recently purchased by Barone Management for $37.5 million. Barone Management plans to build a mixed-use project spanning about 300,000 square feet. With 132 condos across three stories, the project will also feature senior housing, affordable units, and a school. Construction will begin in 2019.
- 153-19 Jamaica Avenue, Queens — A joint venture between BFC Partners and the NYC Partnership Housing Development Fund is planning this 139 apartment unit project. Standing 21 stories tall and spanning 104,000 square feet, this building will feature a laundry room, gym, tenant lounge, as well as ground floor retail space.
- 1241 Broadway, Manhattan — GDS Development signed a 99-year ground lease earlier in 2018 and is currently planning a 22-story, 318-foot tall office building. The project will span approximately 141,000 square feet and is expected to commence early next year.
- 133-25 37th Avenue, Queens — Another Queens project, this hotel and residential property will contain 506 units, standing 19 stories tall, and spanning roughly 200,000 square feet. The units will be split between 360 hotel rooms on floors two through seven and 146 residential units on the higher floors.