Is NYC’s new dev pipeline running dry? 💦
Andrew’s Articles
A few fun things that caught my attention this week:
🌊 A Michelin-starred underwater restaurant? Say less! I just added this to my travel bucket list.
🌮 Santo Taco is opening a new location on Carmine & Bleecker. When I ate at the SoHo location, I was blown away by the steak trompo. Definitely putting this one on my roster.
🔮 RUNNING to see this exhibit! Tarot has always had a special place in my heart, and this sounds simply ~divine~.
👞 Loved these photos. How many shoes do YOU pack?? And what’s your go-to travel fit?
Your feedback means the world to me! If you enjoyed working with me, I’d greatly appreciate it if you’d write me a review.
Hot Homes: New Dev Download
Photo cred: WSJ
It’s exciting to see the momentum that new developments (like 80 Clarkson, the Flatiron Building, and 35 Hudson Yards) have brought to their neighborhoods.
An article by The Real Deal discussed how a single new dev has been the driving force behind much of the luxury market activity. For example, the Flatiron Building accounted for 72% of the volume in that neighborhood!
With such a limited pipeline of new dev projects in Manhattan, it’ll be interesting to see how this changes buyer behavior over the next few years. It takes years to get a new building permitted, zoned, and built—and that’s not even including the sales process, which generally takes another 3-4 years!
Of course, there’ll still be opps in smaller buildings, and Brooklyn seems to have a healthier pipeline in the works. But the window to buy into these 100-to 200-unit buildings that we saw peak the last few years is petering out. Certainly a shift back to resale?
If you’ve been considering buying a new dev, email your desired neighborhoods. I’ll share my shortlist of the best opps on the market.
Ask the (Real Estate) Expert 🌲
GREAT question. In NYC, there are always neighborhoods moving up and down the “value ladder”. (Just made that up but can see it being a thing!)
On the heels of 232 8th St closing, I’m seeing a ton of great opportunities in the Southwest part of Prospect Park—from Park Slope into Sunset Park. Park Slope has been at its peak for a while, and as people continue to move near it, into the surrounding neighborhoods, those neighborhoods have seen a boost.
The overall projection of Gowanus inventory is set to bring 20K residents to the area by 2035, driving the neighborhood into a new residential era, much as we saw in Williamsburg. On its heels, we’ll see many more restaurants and third spaces. (The area is currently still pretty industrial/commercial.)
One question to ponder: with the influx in population, how will the transport change? Certainly, 20,000 more people commuting in and out will warrant an infrastructure update, too? Only time will tell.
Xx Andrew
Trivia
Today I’m giving three facts about a neighborhood, and you have to guess which one I’m talking about. Here we go: this neighborhood has a section called Gold Coast for its wealth of mansions, it’s home to the largest concentration of Victorian architecture in the country, and Maggie Gyllenhaal lives here.
Gowanus
Park Slope
Carroll Gardens
Fort Greene
The answer is at the bottom of this email!
Listing I’m Lovin’ 🆕
I’m in a New Dev mood today. Here are three epic projects worth your attention:
2 bed, 2 bath | $1,475,000 | Williamsburg
717 Grand has just twenty-three residences with one- to three-bedroom layouts. Inside each, you’ll find wide-plank white oak floors, Taj Mahal quartz in the kitchens, soaking tubs, and a balcony if you’re lucky.
5 Bed, 5 bath | $5,750,000 | Boerum Hill | Tamara Abir
Don’t let the price tag scare you; this is the penthouse unit of this new dev, but there’s a range of studios to 4-beds from $830K. This unit spans 3000 SF and has TWO private terraces, one with a grilling station.
1 bed, 1 bath | $1,750,000 | Williamsburg | Deborah Rieders
For a penthouse in WB with its own roof deck, you can’t beat this price! I’m loving those windows. The building is designed by BKSK, with soaring 10- to 12-foot ceilings and walnut and reeded glass kitchens.
To all my Buyers, Sellers, or Renters looking to make moves, let’s make it happen!
I’ll be back in two weeks.
P.S. The trivia answer is B) Park Slope!
