Changing face of New York real estate

Changing face of New York real estate

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NEW YORK (MYFOXNY) -

New York City has never been known for its affordability, but a new crop of mega-luxury buildings in Manhattan are redefining sky-high prices. One 57 is the 1,000-foot high building looming over Central Park where an apartment has closed for as much as $90 million.

Jonathan Miller appraises the units at One 57. He said if you were to walk by at night the skyscraper would be largely dark because a majority of the units' owners are international and don't live here. They are using the apartments strictly as investments.

The new mega-luxury developments are part of the changing face of New York City real estate, said Mitchell Moss, a professor of urban policy and planning at NYU's Wagner School.

In the South Bronx, less than 10 miles from the mostly empty skyscrapers, Nancy Biberman of the women's housing and economic development corporation has spent the last two decades helping working New Yorkers find places to live that they can afford. Biberman said the need for affordable housing has exploded as the city's population has swelled.

Mayor Bill de Blasio's plan to address the housing crisis includes rezoning underutilized land to make way for more residential and commercial use, according to Carl Weisbrod, the chairman of the City Planning Commission.

The waterfront neighborhoods of Williamsburg and Long Island City are prime examples of areas rezoned and built up under the Bloomberg administration.

The first to be targeted under de Blasio's plan will be East New York.

Moss, the NYU professor, said that the rezoning is a good first step to address the growing housing demand as people continue to set their sights on New York.

 

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