Top NYC Developers Discuss Future Real Estate Development
The Upper East Side has been the standard by which luxury real estate the world over has been measured for decades. Famous residents including Joe Sitt, Michael Bloomberg and a who’s-who list of high finance and Broadway icons have flocked to its singular surroundings. As renowned (and expensive) as the Upper East Side is, its glory days are far from behind it. In fact some developers are betting huge on its continued growth and appreciation.
Arthur and William Zuckerdorf are two developers who see a bright future for the hollowed borough. The brothers, grandsons of famous developer William Zuckerdorf Sr., have developed over four billion dollars’ worth of property in recent decades through their firm Webb and Knapp. Much of it has been on the Upper East Side. Until recently their flagship development was the stunning limestone high-rise at 15 Central Park West. Tastefully post-modern with strong Art Nouveau echoes of the surrounding legacy structures, the imposing complex quickly sold out. It set sales records in the process.
From there the prolific brothers trained their talents on an even larger project. 520 Park Avenue will be an 800 foot residential megalith with 54 stories. This masterpiece of post modernity gives a conspicuous nod to the neo-classicism of the 20’s and 30’s, making a splendid capstone for the surrounding neighborhood. Again the building has exceeded sales expectations, selling clean out well before completion. Smart money continues sinking both fortunes and steel into the Upper East Side. This is a market with real, continuing upside.
Travelling across town to the banks of the Hudson, seasoned developer Ziel Feldman labors on his innovative if less spectacular 505 West 19th st in the up-and-coming Chelsea neighborhood. Feldman is a veteran player in the Manhattan real estate game and sees a bright future for those willing to bet on NYC. The formerly downtrodden neighborhood has seen a resurgence of late, driven mainly by young professionals seeking out an active urban lifestyle.
Feldman has also lately noticed a surprising influx of young families who can’t resist the ease and excitement of living and working in the city. This is a new demographic phenomenon and Feldman’s company, HFZ Capital Group, among other developers have taken note and begun to answer the call. 505 West 19th st features a smorgasbord of floor plans ranging from affordable to ultra-luxury. His firm has also attracted a great deal of capital from foreign financiers looking for investment vehicles with relatively low risk. “Attracting capital at this point is not a concern” he wryly notes.
Taken together all this should serve as great encouragement to any prospective NYC landlord, developer or investor. The market may be at historic highs but the fundamentals are there for continued vigorous growth. It seems the perennially strong New York real estate market is still a good way to bet.