It seems like we’re writing about new residential development projects in Manhattan every day, but commercial developments have become something of a lost art. Commercial buildings are less lucrative financially than residential buildings, where New York City’s constantly growing population keeps them in high demand. Most developers don’t want to risk leasing space to commercial industries, so today we are happy to report on a new project to build the area north of Madison Square Park into a commercial district called NoMad.

With Chelsea and the Flatiron District to the West and South, respectively, the area surrounding Madison Park is one of the most developed places in Manhattan, filled to the brim with high-end luxury condos for sale and apartments for rent. But the NoMad area itself remains relatively empty. It was a major area for bootlegged merchandise until recently, when developers saw the potential in turning it into an upscale commercial area. To encourage development, a couple savvy property owners lowered the rent for commercial buildings. Now they’re watching eagerly as potential culture-makers start nibbling at the bait. The new Museum of Mathematics, which opens next year, just recently leased space on 26th Street, and other projects are falling in line.

The journey towards securing an apartment for rent is often chaotic, unpredictable and needlessly time consuming. The myriad of decisions that you will have to make range from choosing the type of apartment, broker or no broker, access to neighborhood amenities, etc. In short, the process can often be strenuous and stress-inducing for many Manhattan renters. And when you consider the fact that many of the more desirable rentals do not appear on the market until mere weeks before an anticipated move-in date (that is, if they appear on the market at all), the metaphorical race to arrive at a dream apartment for rent in Manhattan is one more suited for the seasoned sprinters than the recreational joggers.

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.

Much has been made of the consistent rise in Manhattan rents in the face of adversity. In the midst of economic woes, the Manhattan luxury real estate world has prided itself on the steady rise of rental prices: the average monthly rent in Manhattan is up 8% from this time last year and is just $53 off the all-time market peak set in 2007. In spite of this remarkable success, many real estate experts view this trend in luxury rentals in Manhattan as unsustainable. With the market slowdown of winter approaching, signs are beginning to point to rents either remaining stable or declining for the first time since 2009.

Catering to a city of renters, NYC real estate developers seem to design with the tech-savvy resident in mind. But as luxury Manhattan apartments get sleeker, perhaps the hottest amenities on the market aren’t wired at all—just childproof. Statistics from Property and Portfolio Research, a real-estate forecasting firm owned by CoStar, recently reported single moms were the largest group of new NYC renters from 2000 to 2010, comprising 30% of new-renters. But in addition to adding to the diversity of NYC renters, the wave of single-mother-residents revitalizing the NYC housing market scene has the potential to influence more family oriented features in a real-estate race where impersonating resort life has become the foremost objective.