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    Governor and Mayor Take Active Roles in NYC Real Estate Development

    Summer is a busy time for NYC developers. As the city continues to rebound from the pandemic slump, more and more projects are taking shape around the city. Below outlines a few projects that have been championed by the governor, mayor, or other local elected officials. The projects demonstrate the desire for officials to play an active role in shaping the future of NYC. 

    What’s New?

    Penn Station is a strategic initiative to redevelop NYC's most iconic transportation hubs, championed by Governor Hochul. The redevelopment will include 250,000 square feet of double-height train station to public platform, 1800 residential units, 8 acres of open space and many more and has recently moved into the design phase. 

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    In the Bronx, developers Procida Development Group and Hope Housing Corporation will complete the $55 million mixed-use development that will include 9,500 square feet of residential units, community spaces, a basketball gym, laundry facilities and recreational space. The governor and mayor hope this project will serve as a catalyst for the Mount Hope Area of the Bronx. 

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    NYC developer, New Empire Corporation, has purchased a 19,000 corner lot at 58-01 Queens Boulevard for $16.2M. The site will be home to new condos in Queens, NY developed by Bentley Zhao and The New Empire Corporation. The project is scheduled to be completed by 2025. 

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    Starwood Property Trust has refinanced a new Industrial City development via a $435M refinance package landed by Innovo Property Group. With the industrial sector continuing to outperform other asset classes, Manhattan-based IPG hopes the Borden complex will serve as a strategic location for tenants from Manhattan, Brooklyn and Queens. 

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    Tag(s): New York Digest

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