Breaking News: Garment District Becoming Fashionable
Now again I know the Garment District is not in the area this blog covers but a rise in prices in the Garment District will have an impact felt all the way up the Westside. Finally! finally! I've been waiting to find articles about how the Garment District's apartments are desirable/hot. It makes you wonder what took that area so long to get cleaned up? Now its like why go to Hoboken, NJ if you can get a steal in the West 30s and some nice appreciation too?
[NYPost] 8/31/06
"And the neighborhood should continue on its upswing because the area is ripe for government and private investment. Moynihan Station, a $900 million expansion of Penn Station and Madison Square Garden, was supposed to break ground this fall; it has been delayed until at least 2007, but is still generating big excitement. There's also talk of extending the 7 train line west, which, politicians like Chuck Schumer say, would make millions of square feet of unused office and residential space suddenly viable.
"The West Side will not just be a place for kids to go clubbing," says Jonathan Phillips, a broker for Halstead Property, who has sold properties in the Garment District for years.
"I'm seeing more and more younger buyers moving to the West 30s," says Brown Harris Stevens broker Tom Hemann. "The average buyer two and three years ago was in their 30s or 40s; now I'm getting buyers in their 20s..."
Beginning in the late 1920s, the Garment District became the center of the fashion industry, when many of the shops moved from the Lower East Side. At its height in the 1950s, there were more than half a million industry workers. By 2001 that figure had dropped to less than 50,000, with labels moving to less expensive cities or out of the country. (But there is talk of Bugatchi Uomo and Flores & Flores setting up shop.) The result is that a number of office buildings and clothing factories have been converted to residences or mixed-use buildings.
The Glass Farmhouse, a mixed-use office/ residential building, has been selling lofts for just over $900 per square foot. That's significantly less than the average of $1,038 per square foot you'll find a few blocks south in Chelsea, but it's still a huge step up for the Garment District, where many units are still less than $800 per square foot.
At the Bryant Park Tower, a 93-unit condo on top of the Marriott at 100 W. 39th St., prices are climbing even higher - penthouses are going for $1.95 million and $2.35 million.
Older residential buildings have also seen demand like never before: 433 W. 34th St. is a 1929 Bing & Bing building, which, according to Tom Hemann of Brown Harris Stevens, has seen unit prices double in three years - to $625,000 for a one-bedroom.
Rockrose Development is building a 388-unit rental at 37th Street and 10th Avenue, scheduled to be finished in 2008. Lots along Ninth Avenue have been sold, and brokers speculate that rentals will be built there."
[NYPost] 8/31/06
"And the neighborhood should continue on its upswing because the area is ripe for government and private investment. Moynihan Station, a $900 million expansion of Penn Station and Madison Square Garden, was supposed to break ground this fall; it has been delayed until at least 2007, but is still generating big excitement. There's also talk of extending the 7 train line west, which, politicians like Chuck Schumer say, would make millions of square feet of unused office and residential space suddenly viable.
"The West Side will not just be a place for kids to go clubbing," says Jonathan Phillips, a broker for Halstead Property, who has sold properties in the Garment District for years.
"I'm seeing more and more younger buyers moving to the West 30s," says Brown Harris Stevens broker Tom Hemann. "The average buyer two and three years ago was in their 30s or 40s; now I'm getting buyers in their 20s..."
Beginning in the late 1920s, the Garment District became the center of the fashion industry, when many of the shops moved from the Lower East Side. At its height in the 1950s, there were more than half a million industry workers. By 2001 that figure had dropped to less than 50,000, with labels moving to less expensive cities or out of the country. (But there is talk of Bugatchi Uomo and Flores & Flores setting up shop.) The result is that a number of office buildings and clothing factories have been converted to residences or mixed-use buildings.
The Glass Farmhouse, a mixed-use office/ residential building, has been selling lofts for just over $900 per square foot. That's significantly less than the average of $1,038 per square foot you'll find a few blocks south in Chelsea, but it's still a huge step up for the Garment District, where many units are still less than $800 per square foot.
At the Bryant Park Tower, a 93-unit condo on top of the Marriott at 100 W. 39th St., prices are climbing even higher - penthouses are going for $1.95 million and $2.35 million.
Older residential buildings have also seen demand like never before: 433 W. 34th St. is a 1929 Bing & Bing building, which, according to Tom Hemann of Brown Harris Stevens, has seen unit prices double in three years - to $625,000 for a one-bedroom.
Rockrose Development is building a 388-unit rental at 37th Street and 10th Avenue, scheduled to be finished in 2008. Lots along Ninth Avenue have been sold, and brokers speculate that rentals will be built there."
posted by rjgny2004 at 11:36 AM
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