Hudson Yards

The Canadians Are Coming… for American Real Estate!

Their nationality may be the target of many a joke when they are in the United States, but Canadians seem to be having the last laugh now—at least from the perspective of American real estate. While it is no secret that international buyers account for a huge chunk of real estate sales in America ($82.5 billion, to be precise), it’s interesting to note that our neighbors to the north are the majority in that elite group of foreign investors—the National Association of Realtors says that Canadians make for 24 percent of all international sales in the American real estate market.

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The Case for Moving Madison Square Garden

On May 22, the Department of City Planning is going to vote on whether Madison Square Garden, one of New York City’s most iconic structures, should be given only 15 more years to operate from its current location over Penn Station in Midtown Manhattan. If the city’s commissioners give the green signal to this proposal, then that means that the “World’s Most Famous Arena” will probably soon have to find a new location to call as its home in the city.

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Hudson Yards: The High Line's Final Phase

In a few years, this image of the future Hudson Yards will be virtually unrecognizable. With typical New York City speed, this 26-acre storage yard for the LIRR will soon be the central plaza of a new series of developments linking together the High Line, Hudson River Park and Hudson Boulevard. The site will eventually host 16 buildings including offices, residences and even a school, while Hudson Boulevard will be extended north to West 38th. Late last year, Related Companies began work on the first building of the project, a 51-story headquarters for luxury-goods maker Coach.

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Chelsea: A Manhattan Neighborhood That “Has It All”

From art galleries to coffee bars, fashion boutiques to dance clubs, fine restaurants to beautiful parks—you name it, Chelsea has it. Chelsea is one Manhattan neighborhood that truly seems to “have it all.” Now, Fairways, the popular Brooklyn-based grocery store, will become the latest addition to this vibrant neighborhood, with the iconic food market setting up shop soon at the base of the Chelsea Landmark, a 33-story luxury apartment building located at 55 West 25th Street.

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Could Midtown East Rezoning Hurt Hudson Yards’ Prospects?

New York City’s history bears testament to the city’s resolute commitment to continually develop itself, which is why New York continues to be known as one of the world’s finest metropolises. One of the city’s latest efforts to encourage business and development in New York is the Hudson Yards Redevelopment Project, which recently got underway on the Far West Side of Manhattan. Close on this project’s heels comes the proposed rezoning of Midtown East, which aims to bring newer buildings to this already popular neighborhood. While these developments are occurring fairly independent of each other, there is some concern that one might hurt the chances of the other.

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Brookfield’s Manhattan West Breaks Ground at Hudson Yards

Ever since it was first announced, New York City’s real estate aficionados have been closely following the Hudson Yards redevelopment project, with the undertaking expected to completely transform Manhattan’s real estate scene from the way it is today. Several of the city’s top developers are involved in the project, including big players like Related Companies, Brookfield Office Properties and Extell Development Company. While Related has their groundbreaking ceremony in December, Brookfield had theirs earlier this week on Tuesday, signaling the start of work on the $4.5 billion Manhattan West development on 33rd Street and Ninth Avenue.

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Hudson Yards: A City Within A City

“In a place where dreams and ambitions are limitless, land is not.” That line, taken from the New York City Department of City Planning’s website, is perhaps the best way to describe why the Hudson Yards Redevelopment Project is so important for the growth and sustenance of New York—or, more specifically, Manhattan—as the place to be for businesses and offices not just in America, but around the world as well. With Manhattan literally running out of space for new office construction, Hudson Yards, the area bounded by West 42nd and 30th Streets from Eighth Avenue to the Hudson River, seems to be the borough’s best bet for its development needs.

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Construction of High Line's Final Section Could Begin This Summer

Manhattan’s most popular new park may be expanding earlier than expected. Construction of the third section of the High Line, which will stretch from West 30th Street to West 34th Street between 10th and 12th Avenues, may began as early as this summer. The city put out a request for proposals to manage the construction of the last section of the High Line on Monday morning, and companies have until April 20th to formulate and submit a plan. If everything goes well, preliminary work could begin on July 15th. The sooner this is completed, the sooner that the residents of luxury apartments near this Manhattan park will see their neighborhood transformed into one of Manhattan's hottest areas.

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Plans for Third Section of High Line Revealed

Last night members of Friends of the High Line unveiled plans for the third and final section of the Chelsea neighborhood’s High Line to the community. The last stretch of what has quickly become one of Manhattan’s most drawing attractions will be a line that runs from West 30th Street between Tenth and Twelfth Avenues to 34th Street, before curving and running another half block towards Eleventh Avenue.

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Residential Construction Up in 2011, As Are Demolition Permits

The New York Building Congress released information on Monday showing that while commercial construction in Manhattan in 2011 had dropped from the previous year, construction on apartments in Manhattan had increased by 24%. Overall, contractors shelled out $2.9 billion for residential projects, including the storied Gotham West and Walker Tower renovations. Furthermore, the property research company Property Shark released a report this week showing that 4,092 building permits were issued in 2011, a considerable drop from the 4,810 issued in 2010, but that demolition permits increased, from 1,036 in 2010 to 1,117.

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