The Real Deal New York

Developers flock to Manhattan’s busy crosstown streets

Once shunned, the thoroughfares are undergoing a renaissance

August 01, 2014 02:00PM

  • Print
From left: 450 W 42nd Street, 350 West 23rd Street and 23 East 22nd Street

From left: 450 W 42nd Street, 350 West 23rd Street and 23 East 22nd Street

Once anathema to New York City’s high-end home buyers, residential towers on busy crosstown streets have arrived.

Nearby amenities such as the High Line and a newfound appreciation for the benefits of building on Gotham’s thoroughfares have led developers to rethink the streets, the New York Times reported. Developers told the newspaper wider roads provide ample light and zoning on major arteries like 57th, 23rd and 14th streets allow developers to build higher and provide better views.

Developer Erez Itzhaki told the Times brokers at first cautioned him about building his 15-unit condo building, Modern 23, at 350 West 23rd Street, but problems didn’t materialize. Itzhaki added he is now looking for additional properties on crosstown streets.

“As a developer, it’s a winning situation because you have the ability to build retail on the ground floor, which is the equivalent of having two penthouses to sell,” Itzhaki told the newspaper. [NYT]Tom DiChristopher

MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News