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Commercial Crossfire - Brooklyn Queens, Manhattan: 3 Unique Views of the East River Waterfront
September 7, 2018
This week’s Commercial Crossfire discussion on waterfront development was heavy on amenity opportunities. While most consumers understand amenities to be gyms, coffee shops, attended lobbies, etc., most forget that the view you can offer your tenants also applies! The main goal should be to provide as much as you can on-site, especially on the waterfront. These areas tend to be more remote than the rest of the city, which makes amenities the ultimate source of success for projects like The Seaport and along the Long Island City and Brooklyn Heights waterfronts.
Among the challenges waterfront developers are working to address are preparing for inclement weather, implementing top notch contingency plans to prevent flooding, and accommodating the changing process of commuting with the growth of ride sharing, community bikes, the ferry expansion, and more. The occupancy of garages, once considered a major benefit to tenants, is decreasing and developers are looking for ways to adapt.
The waterfront market is also ripe for affordable housing. Ultimately, our waterfront developers feel that these areas have been transformed by streetscape, landscape, and people; and as your neighborhood grows, you grow.
This Commercial Crossfire was sponsored by The Howard Hughes Corporation. REBNY thanks moderator Daniel Tropp, of Ariel Property Advisors, and speakers: Saul Scherl, President of the New York Tri-State Region for The Howard Hughes Corporation; Jeremy Shell, Principal at TF Cornerstone; and David Von Spreckelsen, Division President at Toll Brothers City Living.