A New Neighborhood for NYC

There is still room to grow in New York City – and it’s slowly happening on the West Side of Manhattan.   Immediately following New York’s defeat in its bid to host the 2012 Olympics, the fate of the Hudson Yards was not unclear.  Despite the early uncertainty a new neighborhood is starting to emerge.

Since 2005, residential buildings and new hotels have risen west of Eighth Avenue between 30^th and 43^rd Streets.  And, a boom for office space is on the horizon as well.  Related Companies, a major New York developer, announced plans to build a 51-story office tower, which luxury retailer Coach as the anchor tenant.

Development plans are so ambitious for Hudson Yards the city predicts, over the course of the next 20 years, that stretch of New York real estate could have more office space that Baltimore or Stamford, Conn. – reaching an astounding 24 million square feet of office space for the West Side.

We’ll have to see how the construction of the Far West Side progresses through these uncertain economic times.  Any economic hiccup could derail the lofty goals.

The borders around Manhattan’s central business district continue to expand, leaving businesses with more options regarding office space.  We will be following how the revitalization of this underutilized part of the city pans out.