Quote:
Originally Posted by tdawg
Crazy that we have 9 supertalls under construction right now, with many more proposed.
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The Midtown East Rezoning will most likely add a few to the pipeline. Lots of Class-A office space will rise. And it won't even take the type of tenants that are hard to get; ones that take 500k-1 mil sq ft in one take. It will cater to numerous smaller tenants that want to move from older, 60/70's style office buildings, to modern ones that have numerous amenities and so on. Add "X" amount of those deals, and you got the support needed to make a tower competitive, alive, and one that gives a bank a strong reason to give a loan for its rise. Essentially reducing the risk.
The amount of highrises in terms of residential will increase as well. Housing plan in full force, and already in the pipeline we are seeing large developments north of 96th Street on the Island. Ones in the Bronx, and Deep in East NY over in Brooklyn. Queens (LIC, Flushing ect). Staten Island comes to mind. Add the supply over in JC and Hudson County in general, and it's a lot.
I expect the ultra-luxury sector to continue. Not as strong, but like anything else, its a cycle. But it's a sector that will always rise, so long as NY remains the center of global wealth. Kinda like interest in a way. Ultra-luxury sector is just there. Growing like flowers during the seasons.