COVER STORY, JUNE 2007

NICHE NEIGHBORHOODS
New York City neighborhoods revitalize.
Stephanie Mayhew

As cities and towns look to bring new businesses to their area, many are developing plans that focus on the revitalization of once viable neighborhoods. In no area of the northeast is this type of revitalization more apparent than in New York City. Both the Williamsburg neighborhood of Brooklyn and the Harlem section of Manhattan are currently experiencing a revitalization of vast proportions. This month, Northeast Real Estate Business takes a look at two projects that are helping change the landscape in these booming areas.

The Langston

The Langston is part of the ongoing revitalization of the culturally rich Harlem area of Manhattan, New York City.

Active in Harlem for many years, Gotham Development, in a joint venture with The Richman Group Development Corporation, is currently constructing their latest project, The Langston, a 10-story multifamily facility in Harlem’s historic Hamilton Heights area. David Picket of the Gotham Organization remarks, “Harlem has improved along with New York City, possibly at an even faster pace. Unlike some areas of the city where you have accessibility issues in terms of mass transit or you have physical impediments such as poor buildings, Harlem has great infrastructure, wide boulevards and parks — all the makings of a great neighborhood because it was a great neighborhood at one time that is now undergoing a resurgence.”

The Langston, located at 68 Bradhurst Avenue between West 145th and 146th streets, is part of this ongoing revitalization of the culturally rich Harlem area of Manhattan. The Langston features 180 units as well as 37,000 square feet of ground-floor retail space and an 80-car parking garage. The building is comprised of a brick exterior with duplexes along the top that are mainly constructed of glass to take advantage of the sensational views and to give the building some distinction. “Gotham wanted to build something that was not out of character with the neighborhood, but was still distinctive,” says Picket.

The units range in size from two- to three-bedroom units, plus 13 penthouse duplexes that contain three bedrooms and two bathrooms, private terraces and living rooms with 18-foot glass-walled atriums. All of the apartments include gourmet kitchens with stone counters and stainless steel appliances, marble master bathrooms with Grohe bath fixtures and an LG combination washer/dryer. Many of the units also have expansive private terraces and patios, park and city views and 9-foot ceilings.

Prices for the two-bedroom units start at $630,000 and the most expensive penthouse unit is priced at $995,000. It features a 1,165-square-foot terrace overlooking Yankee Stadium. Common fees for the property range from $398 to $606 per month. Construction began on the $75 million development in August 2005 and residents began moving in this past May. Located just two short blocks away from the D and A express trains, only two subway stops to Columbus Circle Station and three stops to 42nd Street, the Langston is quickly garnering quite a bit of attention from New York City residents.

Amenities for the development include a doorman-attended lobby, 24-hour concierge service, on-site valet parking, a fitness center, broadband wiring, a valet for dry cleaning and tailoring services and an outdoor children’s play area. According to Picket, The Langston is truly unique because it is the only new construction building on the market within a 15-block radius of 145th Street that offers the full luxury package. “It is a full-service, well amenitized luxury condo,” says Picket. “Something that you won’t see south of 96th Street, so it is unique for that particular marketplace.” 

Other amenities in the neighborhood surrounding the site are Magnet and world-famous schools such as Hamilton Heights Academy, Dance Theatre of Harlem and Harlem School of the Arts, all within walking distance. The neighborhood also boasts many green spaces. The Langston is also situated in close proximity to Riverbank State Park, and is directly across the street from Jackie Robinson Park, which has an Olympic-sized pool, a recreation center and Harlem’s first farmers market every Saturday in the summer and fall. The project is also just a few blocks from St. Nicholas Park, which recently opened a .5 acre dog run — one of the largest in Manhattan.

In addition to an already full package of amenities, The Langston will soon be welcoming two new tenants — the New York Sports Club and Starbucks Coffee. The Gotham Organization and The Richman Group recently signed a 15-year lease with New York Sports Club (NYSC). The new 16,200-square-foot facility, scheduled to open this  summer, will be the first major health club above West 125th Street and is NYSC’s second Harlem facility. Gotham and Richman also recently signed a 10-year lease with Starbucks Coffee. The new store, located at The Langston on the prime corner of West 145th Street and Bradhurst Avenue, will feature 1,500 square feet of space and is scheduled to open this spring.

As residential development in Harlem continues, more retail development is set to follow. Aside from the new Starbucks location, the area along 145th Street also boasts several existing prominent retailers such as Pathmark Supermarket and Duane Reade. “The Langston is part of the continuance of the growth in Harlem, a trend that started several years ago when the city became a safer place to live in general,” says Picket. “Harlem became another one of the neighborhoods that started to transform and now everything is coming together. There are very few empty storefronts any more, everything is well maintained and everything is filling in.” Three major banks have also recently opened, including Chase, Washington Mutual and Carver. In addition, Bank of America is scheduled to open on the corner of Frederick Douglass Boulevard and 145th Street this summer.

Northside Piers

Northside Piers is being developed by Toll Brothers in the Williamsburg neighborhood in Brooklyn, New York City.

Another well-known developer in the New York City area, Toll Brothers, is currently aiding in the revitalization of the Williamsburg neighborhood in Brooklyn, New York City. Due to the recent rezoning along the waterfront and in inland areas in Williamsburg, developments are beginning to sprout in rapid succession. The Toll Brothers, along with RD Management and L&M Equity Participants Limited, is currently developing Northside Piers, a multifamily community located at 4 North 5th Street that, upon completion, will include a mix of condominium units and townhouse residences in three market rate towers as well as affordable housing units all situated on a 5-acre site.

David Von Spreckelsen of Toll Brothers notes that as more and more people are being priced out of the Manhattan residential market, developers that generally develop within Manhattan are also looking at outlying areas for sites that are within close proximity to Manhattan and have excellent access to transportation. Williamsburg, being only one stop on the L train to Manhattan, certainly fits the bill.

However, convenience is not the only amenity offered in Williamsburg. The waterfront sites offer great views, light and expansive space for many green spaces and landscaping options. “It is a very pleasant place to live that is a little cheaper than Manhattan, but very convenient to Manhattan,” says Von Spreckelsen. “This area is not so different from the successes that developers have had on the other side of the Hudson River in Hoboken and Jersey City, New Jersey,”

The first phase, which is currently under construction, is the first development along the waterfront in Williamsburg. The first tower will rise 29 stories and contain 180 units that feature studios, one-, two- and three-bedroom units ranging in size from 518 square feet to 3,276 square feet. In addition, the first tower will contain four townhouses and penthouses on the top floor of the building. In designing the development, FXFOWLE Architects took the location on the waterfront and the height of the building into great consideration. Thus, the design team incorporated floor-to-ceiling windows creating a window wall building that is all glass. In addition, about a third of the units have outdoor space to take advantage of the views and the great light and air. 

The first phase will also include 113 units of affordable housing that will be located in a six-story building that wraps around a parking garage that serves the towers, the affordable housing and the community. Construction began on the first $120 million tower May 2006 with the topping off this past April. Occupancy is slated for the end of this year or the very beginning of next year. Toll Brothers is anticipating a September groundbreaking on the second tower, which will be comprised of 30 stories with 270 units. The third tower will be 40 stories with as many as 400 units. Sales for the units began in October, and the units range in price from $370,000 to $1.4 million. Amenities will include a 400-foot long pier, enclosed on-site parking, a fitness room, a yoga room, a sauna, a media room, a children’s playroom, a rooftop terrace, resident’s storage, 24-hour concierge and extensive landscaping.

Several other developers are currently working on plans for future developments along the waterfront and at inland sites within Williamsburg. Toll Brothers is also developing a six-story multifamily building on an inland site just up the road from Northside Piers, which is set for occupancy in July. Future plans for a ferry service will likely bring more residents to the area, speeding up future developments. “It is a dramatic change, but it won’t be seen right away; however, in about 5 years you will barely be able to recognize the area from what it had been before,” notes Von Spreckelsen.

The Williamsburg neighborhood has always had the potential, but it was held back by not having the right zoning or people not thinking it was a good investment,” says Von Spreckelsen. The pace of the current development will continue to have a substantial impact on the area as Williamsburg transforms to a 24/7 type of community. Many of the retail sights that have been sleepy for years are now retrenching, expanding and becoming more upscale, and the area will soon see the development of supermarkets, movie theatres and hotels. “Williamsburg will change from the neighborhood it had been, which was more of a fading industrial area with a few shops, to one that is similar to some of the denser places in Manhattan such as Greenwich Village,” says Von Spreckelsen.


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