Lincoln Square sees residential surge
Lincoln Square on the Upper West Side has seen a surge of new residential development, and will add over 1,000 rental apartments over the next few years, the Wall Street Journal reported.
Developers and brokers tout the area’s family-friendly reputation and demand for amenity-rich buildings as big incentives for new projects. One of the larger ones is Dermot Company’s 21 West End Avenue, a 43-story, 616-unit Rental Building On West 61st Street. The building, set to open in 2015, will include a four-story public school, and in a move unusual for Dermot, will include three-bedroom apartments.
The development is the first project in a series of buildings planned at The Riverside Center Complex Between West 59th And West 61st Street, whose five buildings will eventually contain 2,500 housing units. Nearby, a 54-story, 339-unit building at 160 West 62nd Street is being developed by Glenwood Management, which will also break ground this year on a 48-story, 257-unit rental at 175 West 60th Street.
Gary Jacob, executive vice president of Glenwood, told the Journal that the firm’s successful track record in Lincoln Square was the catalyst for the new project. “Two of our most successful buildings are in the area,” Jacob said, referring to rentals it built in 1981 and 2005.
Also in the area, the Brodsky Organization is renovating its 70,000-square-foot office tower at 157 Columbus Avenue to help attract prospective commercial tenants. [WSJ] –Hiten Samtani