Uptown Is Primed for a Mini-Development Boom
While new development activity is still sluggish in most parts of the country—including throughout the five boroughs—at least one area of Manhattan is seeing several new deals that suggest a construction boom may be in the cards.
To be sure, at least six separate development sites throughout Harlem and Washington Heights have gone into contract since May for a total of nearly 100,000 buildable square feet, brokers told The Observer.
Those development sites include 1642 Madison Avenue; 166 East 100th Street; 77 East 110th Street; 142 West 131st Street; 446-48 West 167th Street; and 492 St. Nicholas Avenue. Although more specific numbers were not immediately available yesterday, executives at Ariel Property Advisors, the group who inked those transactions, said that through all of 2010 a total of just 26 development sites traded hands in the same area.
“We’re seeing a substantial increase in bidding activity for development sites in Northern Manhattan compared to a year ago,” Ariel Property Advisors’ Shimon Shkury said. “Prices are attractive and buyers are seeking to build rental or condominium developments because the fundamentals for these projects have remained strong.”