The words Manhattan and real estate development have long been synonymous, so it should come as no surprise when The Real Deal recently announced that the Gotham Organization would be taking on one of the largest new construction projects in Manhattan yet. The Gotham Organization project is expected to cost over $520 million and consists of four separate buildings spanning an entire Manhattan city block at 550 West 45th Street between 10th and 11th Avenue. Out of the 1,238 expected units for rent, close to 600 of them will be constructed with low-, moderate- and middle-income New Yorkers in mind.
Even further West than Clinton, the Far West Side in Manhattan has long been considered to be one of the city’s “last [real estate] frontier.” While the Gotham Organization may be the latest, they certainly weren’t the first and only ones who have expressed interest in the area. Moinian Group has also proposed to construct 970 rentals unit at the nearby 605 West 42nd Street. Other recently erected rentals buildings in the area include Silverstein Properties’ Silver Towers at 620 West 42nd Street, Brodsky Organization’s 420 West 42nd Street and the Related Companies’ highly successful MiMA at 450 West 42nd Street. Public opinions on the Far West Side expansions have been mixed with many critics concerned that the demand on the Far West Side will not meet the supply that these developers are creating. However, developers who are involved in the Hudson Yards development project just south of Far West Side are optimisitc. "Hudson Yards is really going to connect that neighborhood [the Far West Side] with downtown and the High Line, converging in the West 30s and low 40s.”
As a quick search on Luxury Rentals Manhattan would suggest, apartments for rent in Midtown West and the Far West Side are aplenty. The Riverbank West at 560 West 43rd Street, The New Gotham at 520 West 43rd Street and 1 River Place are all post-war towers built at the turn of the millennium and great models of Far West Side condominium buildings that have fared well in this undiscovered area. In addition, The New Gotham and 1 River Place are both pet-friendly options with the latter supporting pets up to 50 pounds. Lastly, there is 505 West 37th Street, a 2010 high-rise building with over 855 units dispersed over 43 floors. The rising popularity of the Far West Side as a residential real estate development hub could be advantageous for Midtown West as a whole as both business and residents take a chance on this far side of town that very few have taken notice of until now.
