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Multifamily Markets: New York
New York will always be, well, New York. It’s the city that never sleeps, and the allure of Broadway and Fifth Avenue, the pizza, the museums, are all part of the city’s legend. It is the financial capital of the world, has a buzzing tech scene, and is home to the United Nations – the list goes on. People will always want to live in New York, so it makes sense that the New York metro area would rank as the third hottest market for multifamily development.
Several factors contribute to New York City’s multifamily strength. In U.S. News & World Report’s most recent travel rankings, New York City ranked #1 in five separate categories—Best Family Summer Vacations, Best Places to Visit in New York State, Best Weekend Getaways, Best Nightlife Scenes in the USA, and Best Shopping Destinations in the USA. It is also home to the #3 Most Diverse Place to Live in America, Queens, which also has more languages spoken than anywhere in the world. This helps to explain why Queens County is the MSA’s second hottest submarket for multifamily development, with more than 14,000 total units in development.
Manhattan is also seeing its fair share of growth. The rezoning of Hudson Yards accomplished under Mayor Bloomberg has led to development at a furious pace on the island’s west side. Projects including Hudson Yards, led by Related, and Manhattan West, by Brookfield, will bring thousands of apartments and condominiums—and a new, technology-focused neighborhood—to a historically industrial zone. These projects have set a national precedent for urban development, and similar efforts such Lincoln Yards in Chicago and Schuylkill Yards in Philadelphia are taking shape across the country.
New York City isn’t alone in driving the strength of the MSA’s multifamily market. Jersey City South is the third hottest submarket in the MSA. Jersey City ranks as the 10th Most Diverse Place to Live in America in the aforementioned Niche report. It has rebuilt its waterfront and continues to attract an increased number of retailers and corporate offices, all of which make it a more attractive place to live, which is further bolstered by its proximity to Manhattan. Tax abatements have spurred multifamily investment as well, as evidenced by the construction of URL Harborside, a 69-story, 763-unit mixed-use project, and the large-scale Journal Square project, which will deliver more than 1000 units upon completion. Multifamily development is booming in Jersey City, and shows no signs of slowing down.