Quote:
Originally Posted by Eidolon
^^^
This is only the beginning. While we are still about 15-20 years away from a complete Midtown East/Hudson Yards buildout, the next construction hotspots are the Penn Station area and the Garment District in my opinion. Both of those districts are greatly underutilized, well-served by public transit and filled with outdated, demolition ripe legacy office stock and Gene Kaufman junk that nobody would miss. Throw a proper rezoning into that mix and watch that construction boom leave the current one in the dust.
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Well it was bound to happen. While many places are just now building stock, the office space in New York is largely holdovers from the middle of the last century. Partly due to the lack of space to build (if not for the 7 line extension and rezoning of the west side, there would be no Hudson Yards), and the city's own downzoning of the east side in the 60's, as well as no vacant land there. The city could have just rezoned both areas outright, increasing the allowable FAR automatically. But it decided instead that developers must pay for the right to build (knowing they had no other choice) and benefiting the surrounding streets and transit in the process. I'm still waiting on the 15 Penn buildout, and the transit improvements that will come with it. But it was inevitable that New York's office space began to turn over in a big way.