Already one of the most dynamic and popular Manhattan neighborhoods, Chelsea and its surrounding area is in for some big changes. In the next three years, three major projects are planned: the third portion of the High Line, running up to 30th Street; the Hudson Yards Redevelopment Project; and the extension of the 7 Line to 34th and 11th. Chelsea’s rental market has adjusted to the boom and cultural shift from the High Line and the growing allure of the neighborhood. Rental prices are remaining relatively steady, but anticipation is building in the face of this huge influx of new development. Although the massive impact of the High Line on real estate, retail, and cultural institutions was relatively unexpected, developers will not be caught off guard this time.

Everyone knows that big changes are on the way for Hudson Yards. The old manufacturing area will be transformed in the next decade or two into an entirely new neighborhood, one replete with luxury apartment buildings, an ultra-modern office complex of angular high-rises, a new park, a new museum, a subway line, and even a new boulevard that will bisect the area. But if you were to look at the Hudson Yards site right now, it still looks much like it did ten or twenty years ago. Appearances can be deceiving though, because new development for luxury rental apartment buildings has thrived in the area over the past half-dozen years, and many newly constructed luxury rentals are already available. Considering that the Hudson Yards area has succeed in sustaining new construction at a time when such success is rare, this area is well-positioned to emerge as Manhattan’s next hot rental neighborhood.