NEW YORK CITY DEVELOPMENT 10 YEARS AFTER GREAT RECESSION New York has experienced a great turn of events in the last years after the great recession. This is due to the increased income generating and great profit making ventures that have taken place in her environs. There has been a great achievement of land prices close to historic highs. For
Running Head: The Hudson Yards 3 instance, in Manhattan a foot squared was around 700 dollars, Brooklyn followed closely with 261 dollars, 218 dollars was the price at Northern Manhattan, 211 dollars was the price . Despite the high prices, transaction volumes for development sites is down. This is as a result of selective buying which is as a result of shifting in taste and preference which offsets the idea of impulse buying or undecided purchases (Shaw,2007). This however has resulted in the building pressure towards downward pricing. This has resulted in the heavy lifting portion of the downturn. Affordable housing has become a crisis in the city because of increased population who are quite choosy and picky when it comes to commuting. This however can be looked into by ensuring that there is found land to put up more housing to accommodate the high demand by the people. There has also been the longest and largest job expansion since the end of the great recession. The jobs grew to 24.3% outpacing the national job growth of 15.3%. This has in turn affected the strength of the rentals market since most people have moved to the city for work and thus increases the rental business demand. HOW DOES HUDSON YARD SUBMARKET FIT IN THE MANHATTAN LANDSCAPE Hudson Yard is a home to many great tenants. Great companies and well established firms have leased office space and also purchased if possible in the yard submarket. Some of these companies
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- Summer '18
- Brett Gordon
- Manhattan, Hudson Yard