A portion of Midtown East in Manhattan, New York has been underdeveloped for a while now. The relatively vacant area of the city will be a major target for real estate development in the coming years; and one of the first stones has been cast.
Two copper apartment towers, intended to be high-end residential property, have finally broke ground in a vacant area of Midtown East. The towers -- which will be 40-50 stories tall, each with a varying height -- are sure to be unique, not just for the area but for all of Manhattan. The shiny copper exterior and asymmetrical design, in addition to an interesting-looking skyway, will make the towers some of the most distinguishable buildings in the city. Check out the photo in the source article, which shows an artist's rendering of the unnamed towers that should be complete sometime in 2016.
One of the most interesting aspects of this new piece of real estate is the long road it took to even get the plan approved. These towers, which just broke ground, were part of an idea that started back in 2000. Real estate tycoons and developers bought pieces of land in Midtown East to develop it. Hundreds of millions of dollars exchanged hands; the agreement between the parties dissolved; local politicians became disenchanted with the idea; and rezoning hearings were held, but never agreed. The idea died.
It was revived in 2008. But again, many snags were hit. The idea, again, was put on the shelf.
Finally in 2011, with fresh ideas and a new company involved, the towers were agreed to; and now, they could be a reality in three years.
It is just a reminder that real estate transactions, and development of that property, is far from an easy process. Having an experienced attorney to help keep things organized and compliant with the many rules and regulations involved can really help.
Source: New York Times, "High-Rises to Replace an East Side Eyesore," Julie Satow, August 1, 2013