As luxury housing prices continue to rise in New York City many developers are turning to up and coming neighborhoods in order to create new luxury housing opportunities. In the current New York City real estate market, there are a few key areas of open real estate that have been getting the attention of developers for years. One of these areas has been the area along the waterfront in Queens. Known for being one of the up and coming neighborhoods of New York City, many have had their eye on Queens for the last few years, and recently, one local development firm was able to officially reveal that they secured the contract for this enviable downtown location.
The company is Alma Realty and while they are not currently considered a ‘major player’ in the New York City real estate market, they are native to Queens and familiar with the area that is soon to be one of the most exciting development projects in New York City.
The new development will be known as Astoria Cove will be set up along this riverfront area and it will be home to 1,700 new residential units. The area will also have a school, ground-level retail shops and a supermarket as part of the entire plan. This new development plan will join another big project in the Queens area, known as Halletts Point, and together these two massive endeavors are expected to bring a great deal of new opportunity and life to the area.
This is not the only new development in the New York City area that was revealed this month. Another area of the city will be demolished to bring in new life as the Tribeca Clocktower Gallery is officially closing. The building will be destroyed and the team at Peebles Corporation will be bringing in a new development to the building. The building will be home to new luxury residences. While these new condos are expected to be high end, very little information on the expected completion date for this project has been revealed. The prime location on Broadway has indicated that the prices of these homes can be expected to be rather high.
The recent influx in the luxury real estate market of New York City has had areas like Tribeca and Queens prime spots for developers to come in and create plans for new luxury real estate opportunities.
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