New York’s real estate market is beginning to see more and more major developments on the rise after an exciting 2021. Projects that have been in the works for the past few years are finally being turned into a reality. New York City is preparing for some major developments to transform the landscape over the coming years and the community couldn’t be more excited about it.
Earlier in 2021, a joint venture between Turnbridge Equities and Dune Real Estate marked the largest project in NYC this past year. The plans included roughly 1.2 million square feet of industrial warehouse space and in addition to the warehouse itself, the development will also include a parking lot, set to be completed in the second quarter of 2023.
Vornado Realty Trust is another big name on the board as their plans for a mixed-use building in Queens is underway. Although construction has not yet started, the plans call for commercial space along with 573 residential units.
Radson Development is making headway on their mixed-use development project in Hell’s Kitchen. The project will consist of two connected towers, both intended to be used for residential purposes. The first tower will be used specifically for hotel space, while the second will be primarily leased out to affordable housing units.