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Candle 19 restaurant on 79th and Lexington has closed; sign in window says "due to real estate development activity". Restaurant next door was emptied out leaving just that Republic bank branch on corner, and am sure its days are numbered.
New buildings are going up on 79th between Lexington and Park, then one block east going towards Madison is another new development.
South west corner of Madison and 86th has been emptied out (Demarchelier Bistro, Purdy Optics, Morni restaurant, Prestige Cleaners, Chuckies, etc...)
We can't really blame SAS for this development because these projects are farther west. Maybe we're thinking that the 4/5/6 will be less crowded now, so the area is more desirable?
I think this was bound to happen. I am sad to see Yorkville go this direction because it was one of my favorite neighborhoods in the City -- one which had a true neighborhood feel.
Bugsy, do you see Yorkville going "upscale" like the Central Park adjacent UES or do you see luxury developments here and there?
My impression was that new money was heading downtown, 1%s in midtown, old money in UES (near CP), and well to do families on UWS. Are things changing?
I think this was bound to happen. I am sad to see Yorkville go this direction because it was one of my favorite neighborhoods in the City -- one which had a true neighborhood feel.
Bugsy, do you see Yorkville going "upscale" like the Central Park adjacent UES or do you see luxury developments here and there?
My impression was that new money was heading downtown, 1%s in midtown, old money in UES (near CP), and well to do families on UWS. Are things changing?
Well so far aside from the Gilbert condo (and they had to be sued/dragged into it by city) none of this new housing on UES is "affordable" and zero is "low income". That may change as developers release plans for what they are going to build.
Extell has that huge (now empty lot) on First between 79th and 80th which qualifies for "inclusion bonus" , but they haven't said what is going to be built.
Both corner of Lexington and 78th and Third at 83rd have said buildings will be "luxury condo", so that's that. Obviously anything west of Lexington isn't going to bother with affordable housing.
What happens north of 86th may prove another story.
I think this was bound to happen. I am sad to see Yorkville go this direction because it was one of my favorite neighborhoods in the City -- one which had a true neighborhood feel.
Bugsy, do you see Yorkville going "upscale" like the Central Park adjacent UES or do you see luxury developments here and there?
My impression was that new money was heading downtown, 1%s in midtown, old money in UES (near CP), and well to do families on UWS. Are things changing?
Yorkville is now getting the development that should have happened back when Third and Second avenue elevated subway were torn down. Fast forward to 2020 land is worth and cost far more, so don't think developers are going to be willing to pencil in affordable if they can get their money with market rate.
Who would have thought the Upper East Side, the uppittiest part of Manhattan, and has been since anyone can remember needs, and has the room for gentrification?
Well so far aside from the Gilbert condo (and they had to be sued/dragged into it by city) none of this new housing on UES is "affordable" and zero is "low income". That may change as developers release plans for what they are going to build.
Extell has that huge (now empty lot) on First between 79th and 80th which qualifies for "inclusion bonus" , but they haven't said what is going to be built.
Both corner of Lexington and 78th and Third at 83rd have said buildings will be "luxury condo", so that's that. Obviously anything west of Lexington isn't going to bother with affordable housing.
What happens north of 86th may prove another story.
That's what I suspected. I understand why these developers are choosing to serve the luxury segment: NYC bureaucracy in construction, premium wages for all those who involved in the development, demand from affluent buyers and most of all, maximizing their profit potential.
Who would have thought the Upper East Side, the uppittiest part of Manhattan, and has been since anyone can remember needs, and has the room for gentrification?
Depends upon how you define gentrification?
From Third east (Yorkville) UES has remained pretty much frozen in time with scores if not hundreds of old tenements, walk-ups and other housing built nearly or well over 100 years ago. Many of these buildings are sitting on land that since 1960's rezoning can accommodate much higher density housing.
Yorkville is full of old vermin infested buildings that truly need to come down. Fact many are filled with rent regulated tenants is one reason most are still standing.
There has been development on side streets for few years before SAS opened.
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