Brookfield affirms Far West Side’s residential appeal

May.May 17, 2012 02:30 PM

The Far West Side earned the latest confirmation of its potential as a residential neighborhood when office developer Brookfield Office Properties recently said it was considering adding 900 apartments to its Manhattan West project, according to the New York Post. The area already has thousands of new rental units from developers such as TF Cornerstone, Glenwood Management and the Related Companies, and has thousands more on the way from those developers, the Gotham Organization and Iliad Development.

But the office landlord’s decision to enter residential development with a tower in that particularly area affirms its appeal. Brokers say many renters covet the Far West Side for its plethora of new buildings and the amenities they offer.

However, the neighborhood still lacks many of the basic retailers that New Yorkers crave — although fancy restaurants, including another outpost of Brooklyn Fare, are on the way.

“There are signs of life; there are buildings that have been completed,” said Sherwood Equities CEO Jeff Katz, who is planning a development at 360 10th Avenue. “But it’s really not even a drop in the bucket compared to what is going to happen.”

Recognizing that potential was key to Brookfield’s decision to consider residential units for the development site, Philip Wharton, the former AvalonBay executive that Brookfield hired to boost its residential development team, told

“There are parts of the site that lend themselves better to multi-family,” he said. “They are a little more secluded and we also think the proximity to the High Line is a nice alternative.”

Wharton added that the idea of bringing a residential element in addition to the planned office and retail components will help build a 24/7 environment in the area and benefit the entire project. [Post] and [GlobeSt]

Related Articles

Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

Steve Ross, Eliot Spitzer and a rendering of 451 10th Avenue (Credit: Getty Images) 

Spitzer, Related land $276M in financing for Hudson Yards senior housing project

Jeff Blau (Credit: Getty Images)

Related’s CEO talks Hudson Yards and “complicated” projects

RFR Realty's Aby Rosen, Brookfield's Ric Clark and the Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen’s new landlords move to take control of Lever House

250 North 10th Street and TF Cornerstone president Frederick Elghanayan (Credit: Google Maps)

TF Cornerstone pays $140M for Williamsburg multifamily building

Related Chairman Stephen Ross (Credit: Getty Images, Wikipedia)

Related drops 700-foot-long “wall” from Hudson Yards plan

Shaun Osher, CORE CEO (Credit: Getty Images and iStock)

CORE becomes latest NY resi brokerage to expand into South Florida