Is Battery Park City coming to the Upper West Side of Manhattan?

I have been reading a few different articles and on-line postings regarding the development of a specific tract of land on the Upper West Side/Lincoln Square area near the Hudson River. Here are my findings.

Once known as Trump City, Extell Development Co. has finally unveiled their plans for Riverside Center. The plan is said to resemble Battery Park City rather than the West Side and stretches from 59th to 61st St.

The proposed area is currently a couple of parking lots. These parking lots would be transformed into a mega complex of 3.3 million-square-feet. The plan will involve 5 glass towers of residential condominiums, retail space, hotel space, possible movie theatre, possible auto showroom, possible elementary school, parking, and over 3 acres of privately owned open space. The glass towers ranging in heights of 45-59 stories will be designed by Pritzker-winning Christian de Portzamparc. An estimated completion of the project is in 2018.

The plan is still in a development stage needing approval of the City Council and City Planning Commission. When Extell Co gave the Upper West Side Community a preview of its plans there was considerable disapproval.

Being an Upper West Side resident myself and understanding the area involved in this massive project, I think this development would add considerably to the area. There isn't a whole lot going on in that part of the West Side, a lack of restaurants, entertainment, services, subway access. An area based on Battery Park City would be a huge improvement. Riverside Park is a terrific area and the open space of Riverside Center could really pull together that whole stretch.


A lot of the resistance has focused on what community services will be added to support the site. Will Extell develop the schools, community services to provide the needed infrastructure because of the growth of people and families that will be occupying the apartment towers?


Battery Park City is one of the most beautiful neighborhoods in New York City and if Riverside Park closely resembled it the aesthetic value of the West Side would improve. I do agree that the infrastructure of the area would also have to be considered and planned for because of the number of people moving into the neighborhood. If done correctly there would be considerable improvement to the Upper West Side neighborhood and would give a lot of first time apartment buyers an excellent place to live. This project still seems to be in the early stages and much back and forth between Extell, the city, and the neighborhood will occur. (photo source: provided by Extell via NYC DCP)

Let me know what you think of this development!

Everyone Wants To be a Real Estate Investor!

With the Wall Street and Financial Situations, we have heard that the Manhattan New York City Real Estate market has took a slight dip. That may be good for the buyers out there, vulture buyers in particular, or the amateur Real Estate investors to dive in. But before you decide to make your Real Estate investment move, it is important to plan and ask yourself some important questions...

Why are you investing? The first question a first time investor should ask themselves is what are my reasons to invest in Manhattan Real Estate. Am I looking to buy and hold for the long term and be a landlord, am I looking for a fixer and upper project to flip, do I just want a property to stay at when I’m visiting in Manhattan as second home as we called it 'Pied- a - terred' or because you’re looking for a tax shelter. These are all valid reasons, but each reason will require different strategies in purchasing and resources necessary to have a successful outcome.

Have a plan. Increase your investment knowledge. Take the time to understand your investment options and the pros and cons of each. Investing is a big financial commitment, It is important to understand all the risks involved and perform a significant amount of due diligence before making a transaction. Depending on your exit strategy, how you purchase a New York City property at the beginning can have dramatic consequences. Consulting your CPA and real estate attorney regarding the tax outcomes when you sale is essential to a successful plan. If you are a foreign nationl, you must consult a Real Estate attorney before you start looking to understand the complex tax structure and structure the transaction best suitable to you.

Know when to buy. Is this a good time to invest? That’s a very good question and likely question you’ve probably already asked yourself. Depending on your goals, long term investment, versus short term flip, will have various answers. Obviously, the goal of every investor is to make money. Depending on your reasons for investing will answer if this is a good time to buy. In the current New York City Real Estate market, industry experts are stating that your minimum hold time for property should be 5 years. If you have plans to hold for longer than 5 years you should see a profit on the property.

Know where to buy. This is where the help of a real estate expert can have tremendous upside effect for your investment. Understanding New York City neighborhood you are buying into and more specifically the building that you looking to purchase in is absolutely important. How close is it to the subway, is this building pet-friendly, what type of amenities does the building have, does the building allow shares or conversions, what type of demand long term does the neighborhood have? These are all questions you should be able to answer or your real estate broker should be able to answer for you. Is it New Development, which new development, is it resale condominium units, which seller is most motivated, is it a tenant in place already property, how is the lease structured within the contract?

Who should manage the property? Are you going to be the landlord or is someone else doing it? That could spell additional expenses if you pay someone else to manage your tenants and rentals. But if you’re buying outside of your own neighborhood, you may find that hiring a property manager is the only choice you have.

Don’t get emotional. Buying the property is a huge commitment. The goal is make the biggest return on your investment. Buying or not being because of personal taste should not outweigh the financial situation of each building. Getting that first tenant in the property will be nerve racking, but it’s a financial decision, let the facts do the speaking for you.

How am I going to rent out my property? Renting in New York City is like no other place in the United States. The owner typically depending on the market does not pay the commissions, the renter does. How are you going to advertise the property, what about the leases and background credit checks? How much is the rent, what about security deposits? Having a knowledgeable real estate professional on your side is very important. This is a conversation you should have when you first speak to a real estate professional about purchasing.

Know the basics and the math. You don’t have to have a PhD. in mathematics to understand the math involved in an investment property. Does this property cash flow? What are the after tax benefits? Speaking with your CPA, attorney, and Real Estate professional about the profitability of the property is important.

With these tips, there will still be different factors you need to consider based on your individual situation.
It is important to team up with a Real Estate agent, a really good one, that will able to guide you through this complex housing market and tackle on this lucrative project! To request more information or tips, please contact us today.