New York City Real Estate Hasn’t Slowed Down In Wake Of Coronavirus Pandemic
Due to the strict and necessary quarantine measures that the coronavirus pandemic has caused, the real estate industry has been flipped on its head. While certain sales that were already in motion are still able to move forward thanks to digital communication, a lot of major real estate development projects have been put on hold due to covid-19 concerns. Some developers in New York City, however, are still filing for large project requests under the assumption that the world will eventually move back to a place of normalcy.
Even though the entire state of New York issued an order at the end of March for all nonessential construction projects to be halted to stop the spreading of coronavirus, the order also clarified that construction work can continue on developments in places where at least 30% of the apartment spaces are affordable housing units with inclusive housing agreements; for those who are struggling with this major global transition.
A majority of the projects that have been filed/will continue to move forward within the coming weeks include senior living facilities, such as the 377,000-square-foot, 30-story development located at 60 Norfolk Street in Manhattan. This space is projected to include residential, commercial, and community space within its 366 units. This one project is a part of a much larger development that’s predicted to include over 500 housing units; 20% of which will be used as affordable housing, and 24% will be used for senior citizens.
In Queens, a 289,000-square-foot mixed-use development located on 23rd Street in Long Island City will split its space to also include a residential, commercial and community space. A majority of it (roughly 60%) will be converted into affordable housing, however. In Brooklyn, the same development group is working on a 10-story mixed-use project on Coney Island that’s set to include 376 residential units. The remaining 11,000-square-feet will be set aside for local businesses to use for commercial purposes.
On Watson Avenue in Soundview, an area in the Bronx, a senior housing project is currently underway and is set to include 201 individual units that stretch across 136,000-square-feet. Within the development there will also be a community center space, that will likely also mainly be used by the senior citizen residents. This project was specifically filed by the New York City Housing Authority as a means of increasing protections for senior citizens against the coronavirus, since they are at a much higher risk.
The New York City Department of Housing Prevention and Development, which helps create affordable housing options for those in NYC, has filed for multiple projects both before and during this current pandemic as a means of protecting lower class rights. Besides the senior citizen facilities, like the one mentioned above, that they’re working on developing, their goal is also to create more affordable housing in general.
One of the filed plans includes a 115,000-square-foot residency project in Edgemere, which neighbors Queens. This 8-story project is set to include 138 residential units, 22 of which will be reserved for senior citizens exclusively. The rest of the unit will also have some space for commercial use as well.
These multi-use residential developments that are currently being filed and constructed are essential for enduring this current pandemic, but will also be necessary for whatever the aftermath of this will look like. As of right now, as we all know, the nature of how this virus moves, and the industries it affects along the way, is completely unpredictable, which means the aftermath will be just as unpredictable. All we can do is prepare as much as possible now, for a brighter future, and healthier today.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at eric.mastrota@thenationaldigest.com.
