Rey Mashayekhi | The Real Deal

 

Rendering of Dallas Midtown, the planned new development on the site of the Valley View MallEmerging markets like Northern Manhattan are offering real estate investors “huge potential for growth,” though such growth is dependent on continued investments in transportation and infrastructure, market players said at a Midtown panel discussion Thursday.

Developers and investors are increasingly looking to emerging neighborhoods thanks to “trends occurring that have led us to look beyond our core markets,” RXR Realty exec Seth Pinsky said at Bisnow’s “NYC’s Emerging Markets” panel.

“The core markets of the city are attracting so many people that it can’t keep up with demand,” Pinsky noted, with more commercial and residential tenants “looking for walkable, transit-oriented” neighborhoods in Northern Manhattan and the outer boroughs.

“People and businesses want to be in these places,” Pinsky added, stressing the “need to continue to invest in quality of life and infrastructure” projects to facilitate further development in such emerging markets.

Northern Manhattan was the primary focus of the morning’s discussion, with Cushman & Wakefield’s Robert Shapiro lauding Harlem’s prospects for future development. Read more