M|M Quoted in Commercial Property Executive re: The High Line

ricardo, May 13, 2014 5:32:28 PM

In the April 2014 issue of Commercial Property Executive Magazine, the Co-Founder of Manhattan Miami Real Estate, Anthony Guerriero, was quoted in the article titled Hudson Yards Launches a Neighborhood. Below is an excerpt from the article:

"Hudson Yards’ impact on the High Line should not be underestimated. I don’t think we would be seeing such luxurious projects pop up along the High Line if it was not for the Hudson Yards”, said Anthony Guerriero of Manhattan Miami Real Estate, which handles residential clients.

Guerriero called it the “Hudson Yards Effect” and noted that it is impacting neighborhoods like Hell’s Kitchen, Midtown and West Chelsea, where numerous luxury residential developments have been announced. The High Line is an elevated train track turned into a public park that runs north from the West Village through West Chelsea to 34th Street.

“You continue to see a lot of these underutilized properties now become much more valuable than if this project didn’t happen. We’re seeing parking lots turning into potential housing or commercial properties,” he said. “What was once basically a place where you would go clubbing or filled with auto repair shops is turning into billions of dollars of real estate.”

Guerriero said at least eight luxury residential projects are planned or underway near the High Line, with prices averaging $2,500 per square foot and extending as high as $5,000 per square foot.

“A year ago we were mentioning the High Line, but because Hudson Yards hadn’t taken off, (clients) wanted to wait until they saw something substantial. Now they want to be a part of it”, he added.

Commercial Property Executive is the leading integrated resource for executives and companies that own, invest in, develop, lease and/or manage commercial real estate.

 

To read the full article, see pages 10, 11 and 14 in the following link:

Commercial Property Executive

 

 

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