CityRealty Insider > New Developments in the News

New Developments in the News

OCTOBER 31, 2011

An update on the decade-long development that has transformed far west 42nd street; do destination stores make neighborhoods better?

The development of the area to the far west of 42nd street is nearly complete. Spoken for by the city’s biggest developers over the last decade, the area, once somewhat of a no-man’s land, was mapped with grand plans for a veritable new city’s worth of massive glass and steel towers like the 1.1 million square foot rental apartment tower at 605 West 42nd Street and 11th Avenue, which has been offered for sale by developer Joseph Moinian. When buit, the rental tower will join Larry Silverstein’s twin Silver Towers, the Related Co.’s MiMA (for MIddle of MAnhattan) and the shiny vertical apartment towers named Atelier and Orion.

When a gourmet grocery paradise moves into a residential building or neighborhood—like the Whole Foods Markets in the Time Warner Center and Houston Street’s Avalon and the new Fairway on East 86th Street—quality of life goes up. But do consumer destination stores like Best Buy or Apple signify “mallification” rather than gentrification? And could that affect property values of already-desirable residences like 15 Central Park West, whose Broadway side boasts a Best Buy?

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