Lincoln Square seeing resi development boom

Lincoln Square is seeing a residential housing boom, with several new residential towers set to bring nearly 2,000 new rental units to the area by 2016.

This year, Glenwood Management opened Hawthorn Park at 160 West 62nd Street, making it the first large-scale rental building to come to the neighborhood since 2010. But it won’t be alone for long. Its 339 apartments will be joined by 256 rental units at 175 West 60th Street in 2016, also being developed by Glenwood.

Other buildings being developed in the neighborhood include The Durst Organization’s 625 West 57th Street and 21 West End Avenue, which is being built by a partnership between the Dermot Company and the AFL-CIO Building Investment Trust. Both are slated to open in 2015 or 2016.

Hawthorn Park began renting at the end of May, and its 339 rental units are now more than half leased, Nancy Albertson, Glenwood’s director of leasing, told the New York Times. Studios start at $3,690 a month; one-bedrooms at $4,500; two-bedrooms at $8,630; three-bedrooms at $19,015; and two-bedrooms with fireplaces at $12,185.

Although the 54-story Hawthorn Park won’t finish construction until early 2015, Albertson said that renters have been moving into lower floors for almost five months. [NYT] —TRD