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Louise Phillips Forbes

Lic. Assoc. R.E. Broker
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Louise Phillips Forbes Development Trends 2017

With career sales close to $3 billion, Louise Phillips Forbes is an industry leader in the New York City real estate market. One of Manhattan’s elite Power Brokers, she is a multi-time winner of Halstead Property’s esteemed Broker of the Year award and currently leads the firm’s #1 team. With her experience and keen intuition, she is able to spot trends before they emerge. Here are two of them:

“Cities within cities” are popping up increasingly. This can be seen in the developments of Hudson Yards, Essex Crossing, and Roosevelt Island.

Hudson Yards:

Developed by Related Companies and Oxford Properties, Hudson Yards is the largest private development in the U.S., in terms of square footage and dollars.S lated for completion by 2024, a 52 floor commercial tower housing tenants like Coach, Sidewalk Labs, VaynerMedia and L’Oreal USA is already open. The project is attracting big corporations moving from midtown east to the West Side (like BlackRock, moving its corporate headquarters to 50 Hudson Yards in 2022). Hudson Yards will have 5,000 luxury residences and a 175 room luxury hotel. A shopping center will be onsite with more than 100 shops, including Manhattan’s first Neiman Marcus. There will be a public school and a performing arts center called “The Shed.” This developer is committed to building a community and focused on buyers interested in making it a primary residence, not investors.

Essex Crossing:

This is an unprecedented development of residential, commercial and community space in the heart of the Lower East Side, with 1.9 million SF of residential, commercial and community space. Developed by Delancey Street Associates, a joint venture of L+M Development Partners, BFC Partners and Taconic Investment Partners, there will be three blocks of retail and entertainment including a bowling alley, Planet Fitness and movie theater. Essex Street Market will get a new home here and Trader Joe’s is opening at 145 Clinton Street. One thousands residences are planned.

Roosevelt Island:

Already a favorite with employees of the UN for the small town within in a city feel it provides, Roosevelt Island is getting a makeover with improved retail, nice restaurants, museums and galleries. The Island already has both private and public schools and new developments of high-end condos and rentals with amazing city views across the water continue to pop up. Further bolstering the development of this city within a city, Cornell University has chosen Roosevelt Island to house their new technology campus called Cornell Tech, which will be home to 2000 students and 300 faculty. The first building will open this year.

Look around and you’ll see New York City resembles Silicon Valley more and more. Since the global recession in 2008, the tech industry multiplied investment dollars, added jobs, and fueled leasing From 2003 to 2013, the number of venture capital deals in the NYC metro region for the tech industry jumped 158%, Tech averaged 5.3% annual growth in GDP and added 98,000 jobs in NYC.

The number of Google Employees in NYC has grown from 505 in 2005 to nearly 2,000 employees, temps & contractors today. Google NYC is their largest office and engineering center in the U.S., outside of its Mountain View Headquarters.

DUMBO in Brooklyn is home to an array of tech companies and start-ups are popping up in Sunset Park and Bushwick, too. As more and more tech companies call NYC their home base, tech-enclaves will pop up around the places where they work. “If you build it, they will come…” And these new neighborhoods will boast amenities such as co-working spaces, which is also a solid trend amongst millennials in general.

Thursday, January 05, 2017