Visionary Projects Propelling the Evolution of New York City
When the migration of companies to these state-of-the-art centers occurs, it often creates vacancies and opportunities for acquisition, creative renovation and attractively priced space, a constellation of choices for lessees. New York City has consistently experienced the dramatic impact of bold visionary real estate projects such as:
Corporate migration creates opportunities for acquisition, creative renovation and attractively-priced space.
Rockefeller Center
Rockefeller Center, developed by John D. Rockefeller, Jr. in the 1930s, became a “city within a city,” consisting of a complex of skyscrapers, theaters, and an exclusive underground concourse shopping mall accessible from all of the buildings.
The Center’s success influenced the renewal of the west side of Sixth Avenue, with over six million square feet of new skyscrapers built from 47th Street to 51st Street during the 1970s. In 1987, Rockefeller Plaza was designated a National Historic Landmark.
Times Square Restoration
In 1950 Times Square was the iconic image of New York City to the world. Within 30 years it lost all of its luster, becoming a boulevard of squalor. The city, recognizing the loss of one of its most important treasures, worked in concert with major real estate developers to rebuild the area.
While retaining the energy and excitement of its theatrical character, over twenty million square feet of super modern, glistening skyscrapers, were erected, creating a vibrant rebirth of its namesake.
Grand Central Commercial Redevelopment
With the preservation and restoration of Grand Central Station, originally built in 1913 by Cornelius Vanderbilt, one of the most important transportation hubs in the city, its real estate elite recognized the opportunity to rebuild multiple blocks. Today, dozens of new skyscrapers dot the area, housing tens of thousands of employees.
The east side Long Island Railroad stop, called Grand Central Madison, opened in early 2023, increasing the station’s flow of up to 160,000 people daily, further enhanced the demand for office space. Remarkably, the area continues its expansion with new buildings under construction and in the planning stages.
Hudson Yards Residential and Commercial Development
An engineering marvel. The Hudson Yards, bordered by the High Line to the south and the Javits Center to the north, occupies 28 acres and is utilized as a Long Island Rail Road train yard. After many years of negotiation with builders, architects, and the city, it became one of the most sought-after real estate complexes in all of Manhattan. Built on a platform over the west side yards, the complex, when completed, will include numerous high-rise office buildings,
a residential community with its own upscale shopping center, a broad range of restaurants, and a school. Major companies, including Blackrock, Wells Fargo, KKR, the law firms Milbank LLP, and Boies, Schiller & Flexner, as well as businesses including L'Oréal, Kate Spade, and Stuart Weitzman, lend a special cachet through multiple genres. Once finished, the Hudson Yards will accommodate a population of tens of thousands of people.
Brookfield Place
In 1985, the New York Times deemed the World Financial Center, “a symbol of change.” Built on a sixteen-acre spit of land, added to the tip of Manhattan through the creation of an enormous landfill extending into the Hudson River, it became the home to four skyscrapers offering eight million square feet of deluxe office space. Directly adjacent, a group of buildings would soon offer eighteen hundred residential apartments, shops, and restaurants.
Out of the Hudson River rose a mini-city. Within months, businesses, including Merrill Lynch, American Express, Royal Bank of Canada, and The Bank of New York, moved their headquarters to the site. Now known as Brookfield Place, it remains one of the most successful real estate project developments in New York City after its acquisition by a new owner.
SOHO / TRIBECA / NOHO
One of the more remarkable transformations of New York City real estate, SoHo/Tribeca/NoHo, evolved from an early 19th-century residential neighborhood which then subsequently became a mercantile area centered on produce, dry goods and textiles. Ironically, it has once again redefined itself over the last twenty-five years into one of the most sought-after residential neighborhoods.
Loft spaces became architects’ canvases, turning the four hundred and fifty-one acres of Manhattan into multimillion dollar dwellings. A magnet for art galleries, high end shops and an extraordinary array of restaurants, it ranks high on tourists’ lists of places to visit. It is now home to the Tribeca Film Festival.
Long Island City
The development of The Long Island City Commercial and Residential Redevelopment actually began with the construction of a fifty-three story, one million square foot Citicorp building. Years passed before more developers recognized the potential of the area, adding eight million square feet of space between the years 2000 and 2020.
Now, with many new buildings and the addition of beautiful landscaped areas, it offers an excellent modern environment. With spectacular views of the Manhattan skyline just across the East River and adjacent to the New York City subway system, it is only one train stop away from Manhattan's Financial Center.
Brooklyn Rebirth
The Brooklyn MetroTech Center was formed in 1992 upon obtaining zoning approval for a sixteen-acre site in downtown Brooklyn, to permit the construction of new office buildings with indoor parking. In 2016, the MetroTech Center raised more than one billion dollars for the construction of over five million square feet of new space. In 2017, New York University announced that it would invest over five hundred million dollars in its Brooklyn campus,
which includes the NYU Tandon School of Engineering and The Center for United Urban Science and Progress. The gentrification of the site served as a catalyst for the revitalization that took place along the Atlantic Avenue corridor, with the construction of a basketball arena for the New York Nets and a complex of seventeen office and apartment buildings.
New York City Real Estate
Constantly Evolving!