The NYC luxury real estate is one of the strongest real estate markets in the world. Due to significant investments from real estate funds and developers, the NYC luxury real estate market seems to see new major products added to the marketplace every year. This far through 2016, the NYC luxury real estate market seems to be following the trend of new development as several major projects have bee announced or are in development.
One major project that will be coming to midtown Manhattan in the coming few years is the one Vanderbilt project. This project, which is being built by nature developer, will ultimately be a 1.5 million square-foot skyscraper. The project recently received some critical approval from the city and has signed an initial lease agreement with TD Ameritrade. With a major anchor tenant now signed up, it is likely that the project will see increased lease velocity in the coming months.
While the city will see a significant amount of residential in office developments in the coming years, it is also having improvements and expansion of its infrastructure to accommodate these buildings. The New York City transit Authority has announced plans to expand the subway system. One of the subway system lines will be expanded about 1 mile deeper into the city. This will hopefully reduce traffic congestion in areas affected by current lack of public transit options.
If you are interested in investing in NYC luxury real estate a great company to work with would be Town Residential. Town Residential is very reputable real estate firm that provides brokerage, investment management, property management, and leasing services to a variety of top developers and investors. The company is also well-known for their market research capabilities, which will ensure that you are making the most informed decision possible. See their full assortment of NYC real estate at the website: http://www.townrealestate.com/.