Innovation is just as important in real estate as it is in other industries. In some cases, creating new products from old ones may satisfy the purpose of staying ahead of the competition. With regard to real estate in New York City, transforming unused (or under-used) buildings to appeal to a new class of buyers.
This is essentially the thinking behind a new project in Lower Manhattan. According to a recent globest.com report, DSA Property Group recently purchased a building that will be redeveloped into a multifamily project. The building used to be a student housing building for Pace University and will be converted into mid-luxury apartments.
Home to Pace University students since 1999, the building stands 15 stories and has approximately 75,000 square feet to work with. The location would be conducive to young professionals who are moving up from simply having an apartment. The price point is rumored to be considerably lower other luxury apartments, while still offering high value amenities. The new building will be within walking distance of several subway lines, as well as a short distance from the Brooklyn Bridge.
The ground floor will have about 3,600 square feet for retail space.
There was no information shared about the size of the potential apartments or how many would be constructed from the former building. Regardless, it exemplifies the ongoing drive to transform old into new, especially where such transformations will increase the value of such property.
If you have questions about upcoming real estate development projects, we invite you to contact us.