The Shifting Landscape of NY Real Estate & How it Affects Your Choices
Walking around the newly opened Hudson Yards I’m reminded how much NY has changed since I arrived in Feb 2001.
The Meatpacking District has changed beyond all recognition, aided by Google’s expansion, and rents have soared in Midtown South where previously undesirable old loft style buildings are in big demand from tech and creative companies. The Highline has brought high end residential development to a traditionally industrial area; Brooklyn has gentrified and the World Trade Center site has risen from the rubble of 9/11.
The knock-on effect has been to put pressure on the traditional areas of commerce along Avenue of Americas (6th Ave) and Park Avenue where old obsolescent buildings can’t compete with the efficiency and technology of the new stock…