Although the real estate market is currently taking some hits and there is much flux in the development arena, there are still some hotspots that are continuing to move with full force. For example, not only is the West Side of Manhattan showing great strength in commercial and residential development, much of it is also going green.
Here are just a few exciting West Side projects currently in the works: SJP Properties is developing Eleven Times Square at 42nd Street and Eighth Avenue; Ruben Companies and Vornado are developing 20 Times Square across the street at the Port Authority; and the Hakimian Organization is developing 636 Eleventh Avenue to house advertising giant Ogilvy. These three developments comprise nearly three million square feet of office space, but what is most striking about them is that they're all heading towards LEED certification. What additionally deserves notice is that pre-leasing activity for these buildings has also been quite active. The real point here is that it’s becoming increasingly apparent that the only way developers can ensure they can successfully rent out space is to build sustainable properties.
Learn more about some of these developers' activities and their upcoming participation in the Manhattan West Side Real Estate Conference scheduled for June 19th at http://events.scheinmedia.com.
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