Developer Edward Minskoff began construction on the first new, first-class office development in Brooklyn’s’ Dumbo, showing massive faith in the commercial office market.
Developers are embarking on new projects. At 343 Madison Avenue, a new office building is going through its approval process. On West 57th St, between 5th and 6th avenues, a 1,000 square foot high tower is in planning. Demolition on several sites on Second Avenue are readying for construction for new apartment buildings.
The dollar value of building sales is also indicative of an end to the pandemic. Real estate prices significantly rebounded in the second quarter of 2021. $5.3 billion of property sales in New York occurred, tripling the first quarter.
We are seeing interesting developments all around our city! If you are interested in embarking on a new development, let the real estate experts at GE Grace guide you. Call George at 646 312 6800 or email him at Grace@GEGrace.com.