New York Developer to Meet Increased Demand in Local Residential Properties
New York builder The Durst Organization is turning its attention to the city’s residential market to meet its “insatiable demand” for upscale housing spaces, the New York Times reported.
According to the NY Times, the real estate titan would be building a “sprawling residential development” in a peninsula in Astoria, Queens which is estimated at about $1.5 billion.
The Dursts, which was famed for erecting skyscrapers that serve as the headquarters for multi-million dollar companies, is attempting to penetrate the market to tap a pool of ultra-wealthy buyers with a taste for luxury housing.
“With the cost of land soaring and high-end apartments commanding soaring prices, developers whose reputation and wealth rests on gleaming office towers are leaping into the residential market in the hunt for profits,” the newspaper noted.
Other developers were also jumping the fence and transitioning into residential property development. Brookfield, a commercial developer with portfolios spread across Manhattan, is also spending $1 billion for 4,000 apartments in northern Manhattan and Roosevelt island, the report said. Tishman Speyer Properties, another commercial real estate giant, will be building a rental property complex consisting of 1,600 apartments in Queens. It is also planning to buy a Downtown Brooklyn property that was previously owned by Macy’s.
The Fisher Brothers, which is also one of the largest builders of office spaces in New York, was also reported to have plans of developing a condominium building in Tribeca and an apartment complex on the East Side, the Times said.
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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.