W42ST Issue 14 – I Heart Hell's Kitchen

Page 48

REAL ESTATE

GOING UP!

A whopping 35-plus residential projects are planned for Hell’s Kitchen over the next five years. Isaac Halpern gets the low-down so you can decide whether you can afford to move.

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ew development in Hell’s Kitchen is booming, with more than 35 residential projects coming our way in the next few years. Every week, it seems another gas station, diner, or former parking lot has a construction team demolishing and readying for a new purpose. Several old commercial buildings are also sheathed in scaffolding while they’re being converted to luxury loft housing. The sheer amount of activity can be confusing – even overwhelming. So my goal here is to break it down and investigate what’s going up in the hood, from rentals to condos, “affordable” to “super luxury”, and everything in between. First, let’s look at the mix, rental versus condo. Historically, midtown locations leaned decidedly towards rental as developers banked on the fact that, while people like to rent near work and entertainment, when it comes to purchasing, they want more traditionally residential neighborhoods away from the hustle and bustle. While new development in Hell’s Kitchen still tilts toward rentals, it’s not as pronounced as before and condos are on the rise. The combination of world-class theater, hip wine bars and restaurants, along with new design-forward green spaces like the Hudson River Park and the High Line, makes the neighborhood a top choice for both renters and buyers. So how should you prepare to enter this market? If you’re looking at renting in a new development, you certainly won’t need a mortgage broker, and unless it’s a particularly complicated or very expensive lease, hiring an attorney is probably overkill. You can work with a real estate agent to help find the

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A rendering for the skyscraper at 3 Hudson Boulevard.

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