Development activity along the High Line Park in Chelsea continues as the second of three segments is expected to open next spring and extend it ten blocks north to 30th Street, according to a long article by Alison Gregor in today's edition of The New York Times.

"Among the dozens of projects planned along the length of the High Line, some have changed hands and a few were sold by banks after developers defaulted," the article said, "but most are still on track for development. Some developers are waiting for construction loans to become available, and other longtime property owners are just waiting for the right moment to move forward, but all agree that a submarket has been created, the strength of which could not have been envisioned just five years ago."

The first part of the High Line, a landscaped city park created on abandoned elevated rail tracks that eventually is to stretch from Gansevoort Street to 34th Street, opened in June 2009, running north from Gansevoort to 20th Street.

Hampshire Real Estate Companies of Morristown, New Jersey, has owned a warehouse at 259 10th Avenue between 25th and 26th Streets for many years. The company is prepared to overhaul the interior of the hulking structure, which was designed by the architect Cass Gilbert, but is waiting for the right tenant, the article maintained, added that Kohn Pedersen Fox, the firm that designed the new curvilinear residential condominium at One Jackson Place, has been hired to retrofit the building.

"Other longtime property owners were poised to develop when the recession hit. Edison Properties of Newark had planned two towers with 869 condominium apartments on a block west of the High Line between 17th and 18th Streets. The land is still a parking lot. Now, Edison executives are biding their time as they prepare to clean up the soil on the property, which they have owned more than 20 years," the article said.

"Developers who have owned their properties for less time, perhaps even those that bought at the top of the boom," the article continued, "may not have the luxury of waiting out the market. Citibank has been trying to sell a slightly cantilevered shiny metal-skinned condominium building at 245 10th Avenue and 25th Street, said Erik Ekstein, the owner of Ekstein Development, who said he was asked if he wanted to take over the project. He declined. Mr. Ekstein is developing a 91-unit condominium building at 540 West 28th Street and a 30-unit rental building at 537 West 27th Street, midway between the High Line and 11th Avenue, along with L&M Development Partners, a firm based in Westchester County that typically develops low- and moderate-priced housing."

"Some developers have been able to exploit distressed situations. Equity Residential of Chicago announced at an earnings meeting earlier this year that it was leasing a parcel at 23rd Street and 10th Avenue, where the previous developer had poured a foundation before running into financial trouble. Equity plans to build 111 apartments and 9,400 square feet of retail space, and executives were optimistic that construction would begin this year," the article said.

"Another parcel at 500 West 21st Street and 10th Avenue changed hands in May after its owners group, including the developers Charles Blaichman and Andr¿ Balazs, defaulted on the loan. Sherwood Equities, a real estate development and investment firm based in New York, picked up the property. A hotel planned for 511 West 21st Street, abutting the High Line, with backers who included Mr. Blaichman and the rap musician Jay-Z, has been reported to be another casualty of the economic downtown," according to the article.

Taconic Investment Partners has almost completed an 80,000-square-foot office building at 15 Little West 12th Street and is poised the develop another one at 837 Washington Street at 13th Street, it added.