Developers are soaking NYC’s waterfront areas with new construction

Red Hook saw 27 new buildings between 2012-2017

TRD New York /
Oct.October 27, 2017 09:12 AM

The Red Hook waterfront in Brooklyn (Credit: YouTube)

Five years after Superstorm Sandy soaked the city’s coastal neighborhoods and caused billions in damages, developers are flooding those areas with new residential and commercial buildings.

According to StreetEasy, there’s been an “explosion” of new buildings in waterfront neighborhoods like Red Hook and Belle Harbor in Queens, reported DNAinfo. “The demand for new housing has proven stronger than the memory of Sandy’s destruction,” Grant Long, a senior economist, said in the report.

Developers built 27 new residential buildings in Red Hook since 2012, according to the report. The neighborhood’s streets were flooded with up to nine feet of water during Sandy. In May, Sitex Group agreed to pay Italian developer Est4te Four $110 million for a five-property development site on the waterfront.

In Queens, Belle Harbor — which was hard hit by the storm — has seen prices rebound since 2012. The median sales price on the peninsula dropped to $207,000 from $357,500 after Sandy. But it bounced back and is seeing the largest building boom of any flood-zone neighborhoods in the city.

Bob Tracey, of Tracey Real Estate, said potential storms are “part of the territory” when people move to the coast. “Living along the coast has its benefits and its liabilities,” he said, “and the benefits outweigh the possibility of a storm.” [DNAinfo] E.B. Solomont

Related Articles

Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe looking to break into Brooklyn

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Chicago’s top 5 general contractor firms were approved to build over 9 million square feet of new development

The construction giants catching a Windy City windfall

David Marx of MDG Real Estate and the site at 71-05 Parsons Boulevard in Queens (Credit: Google Images and iStock)

Here’s a weird one: David Marx plans towers at Queens site he bought from his own company