The city’s real estate market is in for some major changes in 2017.
Rents are expected to increase throughout the city, new skyscrapers are poised to shoot to the sky, and revamped public amenities are slated to open.
Rising rents
A report issued by StreetEasy predicted that the demand for luxury apartments in Manhattan will continue to wane as it did in 2016.
Meanwhile, the median sales price is expected to increase by 0.6 percent to $985,585 by November 2017, according to the real estate listings site.
Krishna Rao, a StreetEasy economist, predicted New Yorkers will head to neighborhoods such as Kingsbridge, Bath Beach and Prospect Park South, where rents were below $2,100 in 2016.
“This year’s list is all about the trade-offs New Yorkers are willing to make, whether that means extending your search by one neighborhood in exchange for a nearby park, or extending your commute to find a single-family home,” he said in a statement.
New buildings
The West Side is poised for a new development boom in 2017.
Three buildings in the Hudson Yards development are slated to open, including a 17-floor hotel at 444 10th Ave., a 30-story mixed-use tower at 509 W. 38th St., and a 33-story mixed-use building at 520 W. 30th St.
Its neighboring development project Manhattan West will also open its first building at 3 Manhattan West, located at West 33rd between Ninth and 10th avenue. The 62-story building will have 844 apartments.
Transportation ripple effect
The opening of the Second Avenue subway line and recent extension of the No. 7 train into the West Side will make the areas more attractive for home hunters, according to StreetEasy.
Past research shows that rental and sales prices shoot up with improved transit access.
“Expect heightened competition in previously less accessible areas of Manhattan, as neighborhoods such as Yorkville and Hudson Yards enter the spotlight,” Rao said in a statement.
Public spaces
An iconic piece of New York’s shoreline is expected to make its grand comeback next summer.
The Parks Department is scheduled to reopen the Rockaway Boardwalk on Memorial Day, more than 4 1⁄2 years after it was destroyed by Superstorm Sandy.
The concrete walkway is designed to withstand future extreme weather incidents and includes new access points, railings and benches.
Roosevelt Island’s 21st-century makeover
The city’s new tech university will be ready for students in the fall of 2017 at its brand new campus on Roosevelt Island.
Spearheaded by former Mayor Michael Bloomberg, the Cornell Tech graduate school’s first phase includes 710,000 square feet of academic, research and living space, and will serve 600 engineering students and teachers from around the world.
