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I'm guessing it'll probably be another luxury condo tower?
I dunno.....
Extell had that entire block from E79th to East 80th on First, just one block up and when all was said and done went with a healthcare complex.
Several blocks up at 86th Extell will be adding "inclusionary housing" to get that project done.
Thus it seems at least to me all luxury housing along First in that area doesn't pencil out.
Keep in mind this corner of 78th and First does not really benefit from Second avenue subway like new projects on Second and even Third near new subway stations.
I hope they put something there useful for its' residents.
Like a Hospital, A supermarket, A department store....
Maybe all in one. Reminds me of the once Robert Hall Village
located in Middle Village. Wonderful architectural design.
I hope they put something there useful for its' residents.
Like a Hospital, A supermarket, A department store....
Maybe all in one......
There is no hoping anything. They can only put there what the zoning laws allow. NYC zoning is probably the strictest in the country. That is also the reason why real estate/housing is expensive: overregulation.
The zoning there is commercial over residential. The ground floor commercial space can have a pretty wide range of uses. Pretty much anything retail, restaurant, medical, etc.
The question is, who can they get to pay the rent they'll have to get to satisfy the lenders who'll fund the construction?
Quote:
Originally Posted by antinimby
There is no hoping anything. They can only put there what the zoning laws allow. NYC zoning is probably the strictest in the country. That is also the reason why real estate/housing is expensive: overregulation.
Health care is a big business on the UES. Bed Pan Alley and all. And it generates a lot of jobs.
Quote:
Originally Posted by BugsyPal
I dunno.....
Extell had that entire block from E79th to East 80th on First, just one block up and when all was said and done went with a healthcare complex.
Several blocks up at 86th Extell will be adding "inclusionary housing" to get that project done.
Thus it seems at least to me all luxury housing along First in that area doesn't pencil out.
Keep in mind this corner of 78th and First does not really benefit from Second avenue subway like new projects on Second and even Third near new subway stations.
There is no hoping anything. They can only put there what the zoning laws allow. NYC zoning is probably the strictest in the country. That is also the reason why real estate/housing is expensive: overregulation.
Agreed 100%. It is amazing how empty upstate NY is compared to NYC. Once you leave the city, you will find that local politicians are quite loose with zoning laws in places like Buffalo, Rochester, Syracuse, and even Albany. In fact, they are begging for businesses and developers to relocate.
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