Apartment rentals New York with New Development

Here’s another sign that the Financial District is moving away from being a strictly business territory and becoming an in-demand residential community: a new 30-story mixed-use building is going to rise up soon at the corner of Nassau and Ann streets in the Lower Manhattan neighborhood. The new building, which is being developed by Ann/Nassau Realty and designed by SLCE Architects, will be ready for occupancy by the first quarter of 2014.

It seems that there’s going to be a lot of change coming to the East Village very soon. According to a report in The Real Deal, Jared Kushner, principal owner of Kushner Properties, has paid about $130 million to buy 17 walk-up rental buildings that are located in this very popular neighborhood. Kushner’s purchase comes close on the heels of a number of other deals that he has done in the recent past, which include properties in New York City, New Jersey and Baltimore as well.

When Sheffield 57, a luxury Manhattan apartment building on 57th Street, was originally built in 1979, it was a colossal building, standing 58 stories tall and holding 845 New York apartments for rent that tended towards the small; it was a building for lower-income families who wouldn’t mind the cramped living conditions if it meant they could live in the Clinton neighborhood.

Fast forward to 2005, when real estate investor Kent Swig bought the building for a then-unheard of $418 million, with an eye towards consolidating the apartments for rent and turning them into luxury condos for sale. But the purchase and subsequent plans for renovation sparked a battle between the developer and the tenants who already lived there. Renters wondered what would happen to their apartments, whether they’d be able to stay, and if they’d be able to put the rent they’d already paid towards a purchase.

Nothing in recent Manhattan history has spurred development like Hudson Yards in Midtown West is now. Since 2005, the one-time site of Mayor Bloomberg’s failed Olympics bid has seen the construction of 15 Manhattan luxury condo buildings and 12 hotels. News about development projects in the area are released every day it seems, and every real estate insider projects that development will skyrocket in the Far West Side over the next several years. Even building projects not directly inside the Hudson Yards boundaries have the area to thank for their existence. Gotham West, a massive construction project that will take up an entire block, is one such building. From 44^th to 45^th Street and Tenth to Eleventh Avenue, Gotham West is a four-tower rental and condo hybrid that plans to offer 1,263 housing units, 556 of which will be apartments for rent.