Town Residential is a leading luxury real estate firm located in New York City. While the company is less than a decade old, they have developed a strong reputation as one of the fastest growing firms in the city. Town Residential provides brokerage, leasing, and management services to many different seasoned property owners and also is considered a leader in market research. The company recently provided insight into what some of the largest upcoming projects will be in the coming year, each of which will have a major impact on the city for years to come.
One major improvement coming to Brooklyn will be a new Wegman’s-grocery store anchored real estate development. The project, which will fill in some old unused land in the Brooklyn Naval Yard, will be a largely retail development that will have up to 250,000 square feet of space. Wegman’s is signed on to build a flagship store, which will have around 80,000 square feet. Many other local and national retailers are in line to take on additional space as well. The project will also include some industrial and office space.
Another major project coming to Brooklyn is the improvement of the former Revere Sugar Refinery. The project, which has taken years to get approved, will consist of nearly 650,000 square feet in size. The project will include all different asset classes including condos, apartments, some office space, retail, and a variety of outdoor and indoor amenities which are sure to attract all types of tenants and property owners.
Similar to Brooklyn, Manhattan is seeing a flurry of new development and redevelopment as well. Midtown East is likely going to see a new 31-story hotel development in the next year. This hotel, which is likely going to be operated as a boutique high-end hotel, will have over 150 rooms in total, some retail space, and will likely be very popular with business travelers. The land was acquired in 2014 for nearly $50 million, which will make this one of the most expense hotel developments in history.