Although NYC's waterfront properties might not look out onto crystal blue waters, we've come a long way. Bloomberg's administration has developed major initiatives to upgrade our coastline.
The administration's Waterfront Action Agenda aims to expand and restore NYC's existing waterfront parks with anof over $200 million. The initiative includes 130 “high-priority” projects committed to transforming NYC's waterfront infrastructure into the world's premier port and natural resource with acres of desirable public park space.
These projects span the five boroughs and include 17% of the state's total coastline.BrooklynBridgeParkand the Columbia Waterfront District are recent waterfront redevelopment projects that have greatly enlivened the boroughs and expanded public access.
The park's completed improvements include theSquibbParkpedestrian bridge, upland recreation areas between Piers 1-6, and active recreation areas on Pier 5. It also links the Columbia Street Greenway to DUMBO, which makes the waterfront area even more accessible.
Due to the massive reconstruction project there is an RFP is seeking qualified developers to pitch a mixed-use project, which includes, residential and restaurant uses. The hotel will accommodate between 170-225 rooms and the residential section will include 150 to 180 units. The site is also expected to feature parking facilities, park restrooms, and additional facilities.
Smaller properties nearby will also benefit. Our office recently sold a mixed-use building at138 Union Street, located betweenColumbiaand Hicks Streets in the Brooklyn Columbia Waterfront District, for $1,750,000.
The four-story property is approximately 5,780SF and sits on a 25' x 100' lot. The property is comprised of six residential units, a vacant retail store, and an office which has direct access to the backyard. Of the six apartments, three are rent stabilized and three are free market. The property is located within walking distance toBrooklynBridgeParkand the Carroll Street F subway line. The sale price equates to approximately $302/SF or a 6.68% Cap Rate.
"Almost 50% of the landlords on this block are owner occupants. The seller operated his business out of this building and the buyer will put his business in here, too. The twofold benefit from owning in the Columbia Waterfront District is that these commercial users are continuing to see strong demand for their residential units," said Massey Knakal First Vice President of Sales Stephen Palmese who exclusively handled this transaction with Associate Winfield Clifford.
New York continues to be an evolving city. With major redevelopments already underway such as the 2 nd Avenue and 7 subway line extensions, the new Hudson Yards, and the Waterfront Action Agenda, NYC real estate just keeps getting better.