Through the 20th Century, New Yorkers popped the buttons off their vests boasting with civic pride about such iconic treasures as Central Park, Wall Street, Fifth Avenue and the Theater District, among many others.
Ask about the waterfront, though, and you might have found them quickly changing the subject. As chronicled in film and books — from Elia Kazan’s On the Waterfront to the Nathan Ward crime classic Dark Harbor — a lot of river’s-edge real estate served as a brutish backdrop for vice, criminality and depravity.
In more recent times, the city’s evolving waterfront has provided new opportunities to add just the opposite. Several freshly created, lush waterfront parks, with their verdant foliage, trees, beaches and water, are luring New Yorkers and pulling in developers intent on building spanking new residential developments near those oases.
Neighborhoods near the water have witnessed growing traffic and transaction velocity, according to exclusive data from Compass Development Marketing Group, the organization marketing The Copper and other waterfront properties. For instance, a pair of in-demand Brooklyn enclaves, Greenpoint and Williamsburg, have witnessed rents increasing by as much as 20% over the past 12 months.
“We have also seen tremendous interest in developments along the East River in the past few years, particularly at The Copper, which commands some of the best waterfront views in the city and has become an iconic part of the New York skyline,” says Sarah Patton, Compass Development Marketing Group’s managing director.
Outdoor access
One of the notable waterfront oases, Cove Beach in western Astoria, Queens, inspired creation of Astoria West along the water’s edge. The development features 534 residences across three buildings, as well as sprawling landscaped courtyards that extend most of a full city block along the East River waterfront.
“We’ve been particularly keen on the Astoria waterfront, as this western piece of Queens hadn’t seen any new residential development in years, particularly [not] a well-designed, highly amenitized property,” says Craig Wood, founder and CEO of developer Cape Advisors. “The opportunity to capitalize on outdoor access, light and sky at a waterfront location was ideal . . . People love the idea of living on the water and having easy access to Manhattan through the New York Ferry, which along with the subway is just steps from Astoria West.”
Not all that far away, River Park Brooklyn is comprised of five residential buildings situated along the new Brooklyn waterfront, established where Cobble Hill, Brooklyn Heights and DUMBO come together. The five buildings, each designed by a different architect, stand apart in appearance and character as an assortment of contemporary townhomes, streamlined towers and restored landmark buildings on the East River.
Breakwater buffer
Arguably the most ambitious waterfront development is the River Ring Waterfront master plan, from Two Trees Management with Bjarke Ingels Group and James Corner Field Operations.
A new waterfront park will feature three acres of public open space in addition to three acres of protected in-water access, while also restoring natural habitat. Included as well will be a new YMCA and a “soft edge” circular breakwater structure that will extend into the East River to act as a buffer against storm surges.
River Ring’s approximately 1,050 homes will include 263 affordable apartments available to renters at 60% and 40% of Area Median Income (AMI).
“Intentional resilient design is crucial for the health of cities around the world,” said Dave Lombino, Two Trees Management managing director. “It’s not an either-or decision but a both-and for Two Trees. We can create sustainable spaces and make them beautiful, high-quality places were people want to gather.
“The reality is people will always migrate towards water. And it’s our job as place makers to make the waterfront as safe as possible . . . We believe our River Ring plan is one of the best ways to do that.”