Revealed: 500 Summit Avenue

500 Summit Avenue, rendering via HAP

In March of this year, New York/Tel Aviv-based developer HAP Investments announced plans for a $400 million tower in Jersey City’s Journal Square neighborhood, at 500 Summit Avenue. The builder bought the site for $28 million from Robinhood Plaza, which had negotiated with the city to allow a 42-story tower with 1 million square feet of space, in exchange for building a park between Summit and Baldwin Avenues.

While HAP told the Jersey Journal that the preliminary design would take about a year, YIMBY has come across a few renderings by CetraRuddy that appears to show the project. HAP did not return YIMBY’s call for comment, so we can’t be sure of how current the images are.

500 Summit Avenue, rendering via HAP

500 Summit Avenue, rendering via HAP

As depicted, the building would be glassy and L-shaped, with one textured side and the rest smooth. The park also makes an appearance in one of the renderings, suggesting that HAP is planning on working within the already-entitled zoning limits – an entitlement that the previous owner had to sue the city to get, and which at least one local council member is none too pleased about (“Over my dead body they’ll put a 42-story tower there,” Journal Square councilman Rich Boggiano told the Journal).

Under Mayor Steve Fulop, however, Jersey City has been more accommodating to builders. He recently cheered on a 95-story waterfront tower proposal, and has offered tax breaks to developers who would venture beyond the riverfront – where most of the development action is – and build inland, in the Journal Square area. (In this respect, the development pattern in Jersey City resembles that of Long Island City, where the waterfront area was developed before builders began seeking sites further inland, around Court Square.) While much of the neighborhood is built-out with row homes and tenements, the downtown area still has a number of surface lots that will be ripe for redevelopment in the years to come.

HAP’s site has excellent access to mass transit, located right next to the Journal Square PATH station. The ride to Herald Square takes 27 minutes during the week, while the World Trade Center is just 14 minutes away.

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Posted in 500 Summit Avenue | CetraRuddy | HAP | Jersey City | Journal Square | New Jersey

New Look: Jersey City’s Art House

The Art House, image by Fogarty Finger

A tipster submitted renderings of Jersey City’s Art House, located at 148 First Street, in the Powerhouse Arts District. The Shuster Group is developing, and Fogarty Finger is the project’s architect.

The Art House will have 119 units, and stands twelve stories tall; the building’s appearance is relatively simple, and the white-brick facade is interspersed with wood paneling. The envelope is flush with the street-wall, and the project is a positive infill development for a neighborhood that is rapidly growing.

The Art House

Entryway, image by Fogarty Finger

Besides the exterior, part of the lobby will be used as a creative space, which will serve as a gallery for local emerging artists. Per a recent press release, “Seventy percent of all sales proceeds will go directly to the artists, with 30% donated to the Jersey City Economic Development Corporation to help fund visual art classes.”

While Jersey City’s waterfront has been the primary beneficiary of the ongoing development boom, the Powerhouse Arts District also presents a major opportunity for growth. 148 First Street is one block south of the Hudson Exchange site, which will further improve the neighborhood, transforming acres of parking lots into a vibrant node.

The Art House

Rooftop view, image by Fogarty Finger

Completion of The Art House is imminent, and leasing is now underway; the rental project is expected to open this September.

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Posted in 148 First Street | Architecture | Fogarty Finger | Jersey City | Residential | Shuster Development | The Art House

Revealed: New Brunswick Transit Village’s Latest Expansion

New Brunswick Transit Village

A tipster sent along renderings for a project slightly removed from the core of the New York region, but nonetheless impressive; the new buildings will add to the New Brunswick Transit Village, which has been gradually evolving into a high-density and mixed-use neighborhood over the past several years. DEVCO is the developer, and the architect is unnamed.

The third phase of the Transit Village will deliver one million square feet of office space, over 500 residences, and 100,000 square feet of street-front retail. Previous work has been significantly more subdued in scope, though another 23-story tower was recently completed.

While more in-depth views of the Transit Village’s interwoven pedestrian passageways are missing, the two overview shots are promising, as is the mix of uses. Given Rutgers’ significant presence, the city has potential to expand further, as a vibrant and urban node that caters to both students and professionals while also evolving as a vertical campus.

Most developments in New Brunswick have large parking components, which detract from overall aesthetics, but are necessary given the lack of comprehensive local public transit. As its population continues to increase, the growth of the revitalized Downtown area should create a need for more car-free options, resulting in a feedback loop that could ultimately foster more density with less parking.

New Brunswick Transit Village

New Brunswick Transit Village

Still, the renderings of the Transit Village’s latest phase are promising, and the development will have a significant positive impact on its surrounds. Parking will be concealed away from the pedestrian sphere, and ground floor retail will be augmented with sidewalks both adjacent and above, creating additional open space for office workers.

New Brunswick Transit Village

New Brunswick Transit Village

As a college town, New Brunswick has potential that other peripheral nodes do not; if growth can build on the city’s proximity to New York and access to the human capital at Rutgers, then a walkable, vibrant, and desirable Downtown will continue to sprout. The expansion of the ‘Transit Village’ is an important step in the right direction — and with ‘critical mass’ likely imminent, the project may ultimately result in other new developments springing up nearby.

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Posted in Architecture | DEVCO | New Brunswick | New Brunswick Transit Village | Office | Residential

New Renderings: City Center Towers and The San Remo

City Center Towers at left, The San Remo at right

A tipster submitted new renderings for two major projects in Jersey City, and Humphreys & Partners is the architect of both developments. City Center Towers will be located in Journal Square, while The San Remo is the final phase of Monaco Towers, next to the waterfront. MEPT is developing the former, while Mack-Cali is behind The San Remo.

The evolution at City Center Towers has been relatively minor, with refinements obvious along the base of the complex. Besides the smaller changes, one of the more remarkable alterations has been the removal of the skybridge. The project — combined with ‘JSquared‘ — will lead Journal Square’s revitalization. Along with new residents, the podium’s retail should be sufficiently dense to enhance the street level.

City Center Towers

Old design for City Center Towers, with skybridge — image from Humphreys & Partners

Closer to Manhattan, the transformation of The San Remo has been slightly more dramatic, as the tower’s design has seen a complete makeover. While the latest iteration is still relatively simple, its form will be semi-iconic for the waterfront, with a sleekness uncommon to Jersey City. The base will have an architectural helmet, and — like City Center Towers — the mixed-use development should aid the neighborhood’s continued improvement, as more pedestrian-friendly projects are now rising.

The San Remo

Old design for The San Remo — image via Humphreys & Partners

Humphreys & Partners’ plans for both sites are definitely on the contemporary side of the spectrum, but incorporating pedestrian-friendly elements is what is most important if Jersey City is truly going to thrive. Both City Center Towers and The San Remo will add significant density while also enhancing and adding amenities to the pedestrian experience, laying the groundwork for continued growth in their respective neighborhoods.

No completion date has been announced for either project, though apparently both are inching towards actual construction.

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Posted in Architecture | City Center Towers | Humphreys & Partners | Jersey City | Mack-Cali | Multi-Employer Property Trust | New Jersey | Residential | The San Remo

Revealed: Hudson Exchange West

The first renderings are up for a new project in Jersey City dubbed ‘Hudson Exchange West’.  Images from the site’s architect, Perkins Eastman, were available online earlier in the week – but have since been removed.  A Google cache of the original, publicly viewable source can be found here.  Plans for the building are apparently the first aspect of a six-block development that will completely transform the surrounding neighborhood, though at this point, the developer is unknown.

Hudson Exchange West is located directly to the west of The Monaco; the third tower of that development, dubbed The San Remo, is also about to begin rising. While piecemeal action is beginning to make a real difference in the neighborhood’s urban transition, the conversion of a significant swath of parking lots will greatly accelerate the process.

IMAGE REMOVED AT REQUEST OF PERKINS EASTMAN
Hudson Exchange West — image by Perkins Eastman/Acusourcing

With 625,000 square feet, Hudson Exchange West will be quite large, though the current boom in Jersey City is no stranger to bulk; several of the city’s newest projects will have over 1,000 units, including the greater plan for Hudson Exchange. Still, the aesthetics at the project are somewhat of a departure from typical glass towers rising nearby.

IMAGE REMOVED AT REQUEST OF PERKINS EASTMAN
Hudson Exchange West — image by Perkins Eastman/Acusourcing

While renderings are up, no completion date for Hudson Exchange or its first phase have been released — but given the boom in activity surrounding the site, the images would seem to herald imminent construction.

This post has been edited in response to a copyright claim from Perkins Eastman’s attorney.   While copyright law (US Code Title 17 Section 107) allows for reproductions of publicly available copyrighted works in the context of “reporting the news”, online service providers are required by the Digital Millennium Copyright Act to take materials offline upon receipt of notice from the copyright holder, regardless of whether the use is infringing or not.  We believe that our reporting benefits the public by promoting discussion of construction projects that affect the communities where our readers work and live.  Google maintains a cached version of the materials in question here.

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Posted in Architecture | Hudson Exchange West | Jersey City | Perkins Eastman | Renderings | Residential

Revealed: 99 Hudson Street

99 Hudson Street -- current view, via Google Maps

The first renderings are up for a new project in Jersey City that promises to bring 1,000 units to the waterfront; the images come from architect Alex Stark’s website – though the towers’ official design architect is unknown. China Construction America purchased the land last November, for $70 million.

99 Hudson Street

99 Hudson Street — image via Alex Stark

An initial press release gave specifics for the site in 2012, and Stark’s website has additional information; the development will include street-front retail and a luxury hotel, in addition to the apartment buildings.

99 Hudson Street

99 Hudson Street — via Google Maps

99 Hudson Street provides another signal that the boom in Jersey City is kicking into high gear. Several enormous projects are on the near-horizon, including a similar two-towered development further west, in Journal Square, two three-towered plans — dubbed Journal Squared and Urban Ready Living Harborside – as well as a host of high-rises that will rise in a singular manner.

99 Hudson Street

99 Hudson Street — image via Alex Stark

While the previous press release indicates that 99 Hudson Street would become one of the top-five tallest buildings in New Jersey, things have changed significantly since 2012, and a number of competing projects are about to begin rising across the Hudson; the multi-component nature of the Urban Ready Living and Journal Squared plans should ensure that those developments take the superlative spots after 30 Hudson Street. Nevertheless, the scope of 99 Hudson will be quite large, and each of the towers will stand 60 stories tall, ensuring major prominence on the Jersey City skyline.

99 Hudson Street

99 Hudson Street — image via Alex Stark

No completion date for the site has been announced, but the total cost is $450 million, and the economic impact of the development will be significant; 99 Hudson Street is expected to generate 2,000 construction jobs over a five year timeframe, which would also imply that work will be finished by 2019.

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Posted in 99 Hudson Street | Architecture | Hartz Mountain Industries | Hotel | Jersey City | New Jersey | Renderings | Residential | Roseland Property Group

Revealed: SoMA Newark

SoMA Newark, image from Richard Meier & Partners

Plans for the first phase of the Richard Meier-designed Teachers Village in Newark have been closing in on completion, but it appears that something slightly larger is on the horizon, in the form of SoMA Newark. RBH Group, which is the firm behind the Meier project, has posted new renderings of their greater plan, and — assuming the scheme is actually built — the collective change will result in the complete rebirth of the city.

While Teacher’s Village will likely result in positive changes for the surrounding neighborhood, the up-swing in Newark is clearly just beginning. Bringing Richard Meier into the project could have an avalanche of positive benefits, and the starchitect’s brand should provide the necessary pull to begin attracting additional young professionals back to the city.

SoMA Newark

SoMA Newark’s residential district, image from Richard Meier & Partners

Per RBH’s page on the project, the group working on the scheme includes “Richard Meier & Partners Architects, LLP, landscape architect Field Operations, engineers ARUP USA, Inc., and LEED consultant Viridian Energy & Environmental, LLC,” as well as others that joined “as the concept matured and the first phase development known as Teachers Village emerged.”

Clearly, RBH has a comprehensive team working on its vision for Newark, and the quality of the new renderings — as well as Richard Meier’s involvement — gives credence to the idea that a massive transformation for the city is on the near-horizon. Indeed, RBH has acquired 79 different parcels encompassing 23 acres, which have collective development rights of over fifteen million square feet.

SoMA Newark

SoMA Newark in 2025, image from Richard Meier & Partners

Converting Newark into a ‘Living Downtown’ is an equally important part of RBH Group’s vision for the city, with the SoMA plan bringing a significant amount of mixed-use space to the neighborhood, which will truly re-activate the old Downtown. Per renderings, the enormous office buildings are clearly the most obvious aspect of the plan, but the amount of residential space will also be significant, resulting in an active and vibrant streetscape.

Newark has a tremendous amount of potential and promise, and its recent revitalization is only beginning to accelerate; Teachers Village will open this year, but other major projects currently underway include new office buildings for Prudential, and a host of smaller residential developments. The Wall Street Journal recently reported on the gradual and sometimes rocky transition the city is facing, while still highlighting its upwards potential.

SoMA Newark

SoMA Newark’s landscape today, image from Richard Meier & Partners

The SoMA scheme would boost Newark’s vertical profile significantly, and looks to include at least one potential ‘supertall’ standing over 1,000 feet. Altogether, the plan would add three major office towers, in addition to several slender residential skyscrapers. Collectively, the high-rises could even push Downtown Newark’s height past Jersey City and Downtown Brooklyn — though the apparent goal of a 2025 completion date leaves room for alterations before all aspects are constructed.

SoMA Newark in 2015

SoMA Newark in 2015, image from Richard Meier & Partners

As prices in central locations continue to escalate into the stratosphere, the spread of development is inevitable, and pressure on New York’s peripheral nodes is finally reaching a boiling point. Imminent changes in Journal Square have so far been the best example of vertical potential, but in the near future, the growth of Newark could be even more significant. With a major airport nearby, and excellent accessibility to regional transit, the city’s renaissance is only just beginning — and as the SoMA plan illustrates, Newark may soon regain both regional and national stature.

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Posted in Architecture | Hotel | Newark | Office | RBH Group | Renderings | Residential | Richard Meier | SoMA Newark

Revealed: Liberty Harbor North’s 235 Grand Street

235 Grand Street, image via HLW

The first renderings are up for yet another skyscraper that will soon begin construction on the Jersey City waterfront, at 235 Grand Street. The tower will be part of Liberty Harbor North, and Ironstate is the developer; the architect is HLW, and their website has additional images of the project.

235 Grand Street

235 Grand Street — image via HLW

Several complications must be addressed before work can start on the project, as the site is currently occupied by an old coal bunker that houses a non-profit. The organization is moving to another new Ironstate building at 18 Park — designed by HWKN — which is opening this June. Once the re-location is complete, demolition can begin on the old building, and construction on 235 Grand Street is expected to start later this year.

235 Grand Street

235 Grand Street’s base — image via HLW

Ironstate’s website indicates that the tower will stand 45 stories tall, with 670 units in total; an additional mid-rise component will be located next-door. While Liberty Harbor North has a long ways to go before full build-out, the progress at 235 Grand Street will further enhance the Jersey City waterfront, which is booming with new development.

235 Grand Street

235 Grand Street’s base and the neighboring mid-rise; image via HLW

In terms of design, the architecture of 235 Grand Street is fairly standard for Jersey City, but its ground-level presence will revitalize a former dead zone. The plan incorporates an extension of Grove Street, and will also add green space to the neighborhood.  The tower itself is tall, glassy, and typical of large-scale luxury developments across the Hudson; its mid-rise neighbor will also add density and bulk, further extending the pedestrian-friendly realm of Liberty Harbor North.

235 Grand Street

235 Grand Street’s mid-rise neighbor; image via HLW

Completion of 235 Grand is expected in 2015.

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Posted in 235 Grand Street | Architecture | HLW Architects | Ironstate Development | Renderings | Residential

Revealed: 65 Bay Street

65 Bay Street at right -- image via Humphreys & Partners

Last night, NJ.com reported on the passage of a tax abatement for a new tower that will rise next to the existing Trump Building in Jersey City, which will soon stand 50 stories tall. YIMBY has renderings of the skyscraper, which will join a slew of developments rising across the Hudson River; the architect is Humphreys & Partners, and the developers are the Kushner Companies and the KABR Group.

65 Bay Street

65 Bay Street on right, next to existing Trump Building — image via Humphreys & Partners

A presentation via the EB5 & US Immigration Fund has additional details on the project, which will become a substantial addition to the Jersey City skyline. While the building’s address is 65 Bay Street, its name will be 88 Kushner-KABR.

Per Humphreys’ page on the development, 65 Bay Street will have 446 units, ranging in size from studios to two bedroom apartments. 88 Kushner-KABR will also have 41,000 square feet dedicated to amenities, and a pool atop the tower’s base is visible in the renderings.

65 Bay Street

65 Bay Street amenities — image via Humphreys & Partners

In terms of design, the building looks fairly standard for high-rise housing in Jersey City, though the limited glimpse of the ground level reveals a base that interacts with the street in a Manhattan-like manner, as the entirety of the development will be flush with the sidewalk. As Jersey City continues to densify, encouraging pedestrian-friendly design is a must.

The neighborhood is finally emerging as an actual contender to parts of Manhattan in terms of scale and scope; translating its newfound verticality into an attractive street-scape is the next step, and 65 Bay Street should be an improvement over nearby towers, many of which were built with a suburban mentality.

65 Bay Street

65 Bay Street site plan — image via Humphreys & Partners

While no completion date is contained in the EB-5 info packets, construction is evidently about to begin.

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Posted in 65 Bay Street | 88 Kushner-KABR | Architecture | Humphreys & Partners | Jersey City | KABR Group | Kushner Companies | Residential

Interview: Market Trends with Douglas Elliman’s Clifford Finn

ESB's view, East New York in distance.

YIMBY sat down with Clifford Finn, Executive Vice President of Douglas Elliman’s new development marketing team, to discuss his thoughts regarding what’s up and coming in New York City, the latest happenings in NoMAD, and the continued ramifications of Hurricane Sandy. YIMBY in bold.

Have you heard anything about Journal Square, and do you see it becoming more like Downtown Jersey City or Long Island City? How quickly is it going to develop?

It’s interesting. You know, in the past, Jersey City was more of a suburban mentality; that goes for the people building there, and the audience that was going there. Although many Manhattanites found their way there, a wide audience was filling those buildings; it was a little bit different than crossing the other rivers. But that’s changing, because now everybody is looking there due to the increase in land costs. Brooklyn is not a huge discount to Manhattan anymore, and Long Island City is not far behind it; everybody is looking for the next great, convenient, commutable destination, and they are setting their sights back on Jersey City and the surrounding area.

Journal Squared

Journal Squared – image via Handel Architects

Moving back to Manhattan, YIMBY attended 1182 Broadway’s opening, which is a converted building in NoMAD; what are some features that make conversions in NoMAD stand apart from new developments in the neighborhood, and what’s special about The Centurian?

In the past, conversions of this type were typically larger buildings that go condo — like 10 Madison Square West. But for rent, you either had the Sixth Avenue high-rises and the few hot buildings off that corridor, or much older conversion stock that doesn’t have the luxury standard of today’s market. And I think what sets The Centurian apart from the rest is that it’s rental, but was built with a condominium sensibility and comparable finishes.

The Centurian

The Centurian — image from the Museum of the City of New York

It seems geared towards wealthy bachelors in technology.

Well, some units were; on the typical floor-plates before you get to the upper, larger apartments, we have two loft-style layouts that don’t have a formal bedroom. And then we have two [layouts] that have formal bedrooms, and they’re all similar in size. So I think it’s not just about singles; definitely couples too, and more established people. In that neighborhood, we’re seeing a cross-section of different types of people; it really speaks to a lot of audiences.

And do you think the broad appeal of NoMAD heralds its emergence as one of the most expensive neighborhoods in the city?

I think that it’s one of them, because there’s a lot of similarities between NoMAD and neighborhoods like SoHo and Tribeca — but you have a park, and you’re more centrally located. It’s convenient to Midtown, Uptown, and Downtown, and it’s a great spot if you have to get out of the city quickly because it’s so close to the bridges and tunnels. You’re a little bit more centrally located, but you still have the flavor and feel that you’re not in Midtown.

1165 Broadway

A new building set for 1165 Broadway — image from Spector Group

Where would you say the neighborhood’s boundaries are? Because it’s still emerging.

Madison Square Park ends at 26th Street, so up to about 30th. I think once you cross 30th it gets much more Midtown-like. And then down to 23rd Street; below 23rd people consider it to be Flatiron. And it extends between Broadway and Park Avenue.

Sandy devastated sections of the city; do you see prices being affected in areas like the West Village and the Seaport, if measures to mitigate future events are not taken? If there is another event, do you think the double-whammy could result in a sustained drop in prices?

Not in the immediate future, I mean I myself live in a Zone 1 neighborhood in Lower Manhattan, and it didn’t affect the market for those neighborhoods at all.

But if there was another one?

I think it depends on if they get worse. I think that everybody feels like what happened was very inconvenient, but there was nothing truly devastating. I think the Seaport was much more affected, and that neighborhood is a little more sensitive to future impacts than the West Side. We have a lot of projects that are in flood zones, and plans have remained the same, it’s just that some components have been elevated. And that’s the way things need to be moving forward; you have to build for the tide to go through the property, and not disrupt the tower. We have to build to accommodate; I don’t think people are scared as long as they know that the issues are being addressed.

What about insurance companies?

It’s hard; again, I’m in a Zone 1 building, and our insurance premiums doubled. And that’s unfortunate, but if you have a house on the ocean, it’s a risk you take to be on the ocean. And it’s the same with living in these prime neighborhoods.

As prices in Manhattan rise, Brooklyn and Queens are becoming go-to destinations for luxury real estate. What do you see in the future for Downtown Brooklyn and Long Island City; will the impending development boom keep prices steady, given the amount of supply that will soon be coming online?

No, prices are climbing, and I think they’ll continue to rise. Everything that we’ve been touching has been climbing, and I believe that the bulk of the rental marketplace out there is really what isn’t being built in Manhattan, so it’s not like it’s in addition to anything going up in Manhattan — so there isn’t an abundance of new product. Those price-points won’t exist in brand-new developments on the island, so people have to go to Queens and Brooklyn for these buildings, and I don’t see supply hitting demand — at least in any of the studies we’ve looked at. And the discount, even with future conservative growth, is respectable.

CityPoint phase I and 388 Bridge Street

CityPoint phase I and 388 Bridge Street

What about Harlem? It seems like people neglect it even though prices there are also increasing.

I think people focus on where the obvious discounts are, and when those go away, they set their sites on the next ones. It’s like Bushwick; is that the next one? No, now it’s Bensonhurst. It keeps moving farther out, and farther up; everything is cyclical. I think people were hot on Harlem a few years ago; people caught on, then the obvious discounts were gone, so the momentum shifted elsewhere. But now everything has elevated, and they are re-visiting Harlem, because what might have not seemed like a discount previously is now well-priced. I think we’re going to see a lot of movement in East Harlem in particular.

But what about all the public housing? Don’t you think that will prevent revitalization?

Yes and no. Anything that’s a destination — a building’s presence will overshadow that. I think people in New York City are accustomed to public housing being all around them. If you look at the West Side, you have the Amsterdam Houses by Lincoln Center; twenty or thirty years ago, you would never walk around back there. But now, it is completely surrounded on all four sides with extremely expensive luxury housing, and neighborhoods that didn’t exist back then. I think people are accepting, and if it’s a neighborhood on the verge, people are likely to take the discount. You don’t have to twist anybody’s arm to buy near the Amsterdam Houses today.

So, finally: If you could pick the top three neighborhoods to invest in today, which would they be?

I think one of the best — and I’m not just saying this because we have a building going up there — but I think Inwood is one of the very few sleeper neighborhoods still around, and I really like it. I still think, for different reasons, that FiDi is still comparatively undervalued. You’re starting to see the trickle-down effect from the Village and SoHo, as it heads Downtown. With North FiDi, especially; all those buildings on the border of Tribeca.

Like 56 Leonard?

Yes, 56 Leonard, 101 Leonard; they’re on Broadway, or Worth, or Leonard. They’re at the cross-roads of entering the Financial District, and we’re seeing those numbers shoot up. And as we see businesses populating the World Trade Center — plus the Fulton Center and the new malls — basically they’re going through the process of building an infrastructure that never existed Downtown, so that it can compete with other residential neighborhoods. It always catered to the business community, and I think the FiDi has been around for long enough as a residential destination that we’re just now seeing the makings of a true residential area in terms of amenities. So I like it for those reasons; it still has a lot of room to grow.

It would be difficult to pinpoint a neighborhood in Brooklyn, but I love Gowanus; I think it’s like a case-study.

56 Leonard

56 Leonard

Have you been there?

Yes, we’re working on projects there. The thing about Gowanus is that it’s the epicenter of many other neighborhoods. It’s between Carroll Gardens and Park Slope, which are two fabulous neighborhoods.

Isn’t it centered on a toxic canal?

For many years the canal was toxic and polluted, and not very attractive –

So it’s basically like Greenpoint-lite.

Yes, but that’s changing; it’s being cleaned-up and redeveloped. There is a population of young artists and creative types that have been living in that area, and it’s been one of those sleeper neighborhoods for a long time. And as pricing continues to escalate in adjacent established neighborhoods, Gowanus is on the verge of major change.

And why has it remained so undervalued; the pollution?

Well because it had a very old stigma attached to it because of the canal, so people stayed away. But at this point we’re out of land, and it’s there, and it is a very good location — and the pollution is being addressed, and re-mediation has been ongoing for years, though it has not been obvious to people. But it’s really on the way. And Whole Foods is opening a Gowanus location, and I think that says a lot.

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Posted in 1182 Broadway | Clifford Finn | DoBro | Douglas Elliman | Downtown | FiDi | Gowanus | Jersey City | Journal Square | Long Island City | Midtown | New York | Residential | The Centurian

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