Wealth & Finance International - February 2017

Wealth & Finance International 74 From the Highline to the Lowline, Manhattan Reinvents Itself different Manhattan skyline by 2024 Due to the geology of the island, high-rise buildings can only be built in Midtown and in the tip of the island in the Financial District, because in both areas the bedrock made of schist is close to the surface and can solidly anchor them. So while visiting New York in the coming decade, you should be able to count at least 23 skyscrapers instead of the current seven. Construction is not limited to 57th Street, called ‘Billionaire’s Row’ for its numerous upscale condos, and the Financial District, proudly thriving after more that a decade of recovery from the disaster of September 11, 2001. Cranes are visible all around town. Two neighborhoods in par- ticular are truly reinventing themselves by building around and above distinct garden concepts: the Highline and the Lowline. The Highline A decade ago the Highline, a disaffected elevated railway line servic- ing industrial plants, was gracefully transformed into a strolling garden running from West 12th Street (next to the spectacular new Whitney Museum designed by Renzo Piano) to West 34th Street (the Jacob Javits Convention Center). It promptly became a favorite site of tourists and res- idents alike, which in turn encouraged construction of condo and rental buildings all along. The initial cost of this park was $153 million, quickly dwarfed by the more than $ 2 billion in new developments it generated. The Highline enables one to admire the Empire State building and some interesting architecture (such as Zaha Hadid’s elegant condos) while leisurely walking, listening to the chirping birds in a variety of trees and watching the bees and insects on flowers and shrubs without having to care about street lights or traffic. Lounging chairs and numerous seat- ing areas give the visitor the opportunity to relax in this unique setting. Hudson Yards 2016 and 2025 Well worth the stroll, a major engineering accomplishment can be observed from this raised promenade between 30th and 34th street: the Hudson Yards. It is currently the largest private development project in America and will include 16 buildings when completed in 2025, there- fore significantly modifying the skyline of Manhattan’s west side. It will add a total of over 18 million square feet to the city’s Real Estate and 125,000 people a day are expected to visit, work or live there. The Hud- son yards will bring vibrant life to an area now occupied by train tracks coming in and out of Penn station and railway traffic will continue to run under the enormous platform on stilts on which this complex is built. A visit of the site is most interesting: it is rare to see a new neighborhood springing up from the ground in such a short period. Lowline underground garden On the east side of town, in Manhattan’s Lower East Side, another major urban revamping is taking place above the world’s first underground park: the Lowline scheduled to open in 2021. Created in a disaffected trolley terminal under the street, the park is an experiment in using innovative solar technology to bring light and grow thousands of plants in what are now dark areas. It could serve as a model for dense cities in need of more green space. Essex Crossing rendering Once open, the Lowline will be the focal point of subterranean cultural events, concerts and shopping. The area above, called Essex Cross- ing, will include a major museum (to be announced soon) and several midsize buildings, such as a residence for seniors with a medical clinic operated by NYU Hospital, offices and a luxury condo complex which includes 20% of affordable apartments on the lower floors. These will be awarded though a lottery system reserved to individuals or families earning a maximum of $119,000/year. The Affordability challenge While the new residential skyscrapers will continue to attract wealthy individuals, New York City is determined to make sure that well located moderately-priced housing for rent or for sale is available for people occupying various jobs in the city. This philosophy, which is a key ingre- dient of the success of The Big Apple’s global appeal, is fully in line with Agenda 2030 adopted by 193 countries in Quito last October during the UN Habitat III Conference. “Vibrant cities are the ones offering value to everyone. New York is an excellent example of a metropolis constantly reinventing itself and attracting more and more residents” says Danielle Grossenbacher, winner of the Best Manhattan Broker 2016 Build Award. As 2015-2016 World President of FIABCI, the International Real Estate Federation, she represented the organisation at the Quito Conference mentioned above and realised how urgent it is for professionals to get personally involved in the improvement of cities. Well known for its skyscrapers (buildings higher than 984feet), such as the iconic Chrysler and Empire State Buildings, Manhattan is again experiencing a major construction boom. Nine more gigantic towers are currently under construction and seven others are proposed. A 1701WF42