New York Real Estate Gets Boost with Big Projects
Real estate development in New York City is an always moving cycle of big buildings popping up just in time for more to follow in their place. Every month permit applications get sent through the city government and only so many get approved. For the month of September, as reported by The Real Deal, several big projects made it through in making NYC apartments for rent. We’ll take a look at a few of the buildings coming into Brooklyn and the Bronx as well as what they’re bringing with them.
In Brooklyn we’ll see the Shanghai based Greenland Forest City Partners erect another structure in their Pacific Park development. With 22 acres to work with there will be plenty of room to host a 26 story building, containing over 300 rental units, and a public school. Utilizing Marvel Architects, the building will go on to be one of Greenland’s premier structures in the city.
Not too far down the way we’ll see Bo Jin Zhu and the rest of Z&K Realty, erect their newest residential building. The team of developers have designed an 11 story building with over 160,000 square feet of residential area. The building will also host a giant synagogue as well as area for commercial development. The plot that the building will be erected on was purchased for almost $10.5 million back in 2014 by Bo Jin Zhu.
Joe Chetrit leads the charge in bringing new development down to the Bronx. The Chetrit Group received two permits for their work in Mott Haven, as they are designing two adjacent buildings. Chetrit is constructing two 25 story rental buildings in partnership with Somerset Partners. The larger of the two buildings, located on Lincoln Ave, hosts 826 apartments with a square foot coverage of nearly 800,000 feet. There is also almost 30,000 square feet of coverage set aside for commercial developments. Chetrit spent a combined $36 million on the lots in order to begin commercial construction.
At the center of all these deals is TOWN Residential, a luxury high end residential firm that has been operating in the city for the past five years. TOWN Residential was founded back in 2010 by CEO Andrew Heiberger along with Joseph Sitt. TOWN Residential operates as a boutique firm with their hands on several different key areas of development in New York City: from commercial buildings to luxury neighborhoods, you’ll see their professional touch on every block.