Brookfield affirms Far West Side’s residential appeal
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 GlobeSt.com.
“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]