Last week, I toured the just-opened section 2 of the High Line. It got me thinking: Where are real estate transactions happening around the High Line?
I looked through property records and plotted many recent transactions for buildings on a google map. See the map, and what I predict for upcoming real estate activity after the jump....
As you can see from the map below, there has a fair amount of building sales over the past 24 months.
Most of the transactions to date are concentrated South of West 23rd Street and East of Tenth Ave. I'm seeing a growing interest in this area - for future development plays as well as immediate cash flow from rental properties. Major construction projects from Avalon and Related are already underway in the high 20s near 10th Avenue; condos in the Caledonia (on West 17th) remain in high demand; and the Sixth.
In fact, I believe we'll continue to see a westernly focus from investors as the High Line grows interest in the area West of 10th Avenue while Hudson Yards, Moynihan Station and the 7-train extension both continue their march from vision to reality.
The Bottom Line:
1) I believe sales volume will begin to grow in the area bounded from West 25th to West 30th from Ninth Ave to Eleventh Ave.
2) I believe investors will drive sales in this area, as buildings are upgraded or converted to residential use.
View High Line Transactions in a larger map
To read more about the "behind the scenes infrastructure & zoning" that I believe will shape the changes in this neighborhood over the next decade, Check Out:
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