From the birth of Instagram to shaky political and economic markets, the 2010s gave the real estate industry iconic highs and lows. No other city saw a bigger, more seismic shift than New York. Take a moment to reflect on the five most iconic trends that helped shaped the decade and the skyline of Relevance’s headquarters, NYC:
The Birth of Supertalls & Billionaire’s Row
With the completion of Extell’s One57 in 2014, prominent developers took note of the appeal of 57th Street – an ideal location bordering Central Park with construction potential, international tourist appeal and close proximity to countless high-end retail and commercial buildings. Surpassing 1,000 feet in height, it was only a matter of time before rival developers beat their chests and went bigger with 432 Park Ave, 111 W 57th and Central Park Tower, to name a few. As such, Billionaire’s Row was born. The city’s top developers continue to build bigger and taller regardless of a dip in the luxury market. But with technology evolving and footprints shrinking, the supertall is here to stay.
Amenities
As supertalls started making waves, so did the great amenities boom. In an increasingly competitive market, offering gym space and a children’s playroom off the lobby has evolved to infrared saunas, IMAX theatres and technology-filled homes. Some buildings, like 111 Murray Street, even tapped Drybar for the first ever residents-only salon. Luxury residents may be purchasing a home, but they’re buying into a lifestyle.
“Star” Brokers – and Real Estate – Going Mainstream
With the birth of Instagram in 2010, access to behind-the-scenes luxury real estate intel became more attainable than ever with the Million Dollar Listing shows and the likes of Fredrik Eklund and Ryan Serhant. These agents elevated themselves from brokers to influencers, showcasing properties through Instagram stories, extravagant events and broadcast TV feuds. Along the way, fans got a peek into the real estate 1 percent, making for TV and commission gold.
Microneighborhoods & Megadevelopments
And finally, it’s hard not to talk about the 2010’s and NYC real estate without mentioning Hudson Yards – and all that came with it. From the concept’s beginnings in 2012 to its first opening in 2019, the megadevelopment to the west sent waves through NYC with the creation of an entirely new neighborhood. While Essex Crossing is currently revitalizing the Lower East Side in a similar fashion, microneighborhoods like SoLita, BoCoCa and Two Bridges have been coined, and projects like Pacific Park Brooklyn are on its way to do the same thing in Brooklyn.
So, What’s Next?
Sustainability, Sustainability, Sustainability
One buzz word that continues to hum is sustainability. With an increasing focus on how to better utilize Earth’s materials in our homes, jobs – our everyday lives – it’s no surprise that developers and architects need to marry “cool & conscious” mentalities with new solutions to this aspect of the real estate market. Could we see a world where net zero buildings are the new luxury, energy-efficient materials are the new amenity, and the Green New Deal is a priority for developers who want to rise above those who don’t jump on the bandwagon? We shall see.
The Inevitable (Prop)Tech Boom
With the colliding forces of a powerful real estate market and a flourishing tech sector, it’s only natural for one thing to occur: a proptech boom (or, “property technology”). Thanks to venture capital fund MetaProp and the launch of its “PropTech Place” hub dedicated to all things property tech-related, the opportunity for companies to shake up this particular sector has skyrocketed. Companies like Enertiv, Radiator Labs, Vergesense and more are shaking up the sector by promising data-driven building analytics, robot-powered heating systems and AI-powered insights about the built environment that’s going to skyrocket 2020 into (what will feel like) the next century.
Industries Are Going to Shake Up Neighborhoods
Gone are the days of the unofficial industry zoning in NYC. While Manhattan was once defined by professional hubs – Flatiron coined ‘Silicon Alley’ with its booming tech startups, Midtown strictly reserved for the white collar business world, and Wall Street being, well, Wall Street – companies have begun to break those barriers and land where they see fit. We’ve already seen this with Facebook’s lease at Hudson Yards, Google’s massive flag-planting in Chelsea, and Apple seeking real estate in Penn Plaza. But get ready for more.
Instability to Creativity
It’s no surprise that 2020 started off with a shaky market. But it’s New York, and when the going gets tough, the developers get tougher. Get ready to see the real estate market get creative with their tactics to attract buyers, develop the unimaginable, and find new and inventive ways to keep NYC the most desirable home imaginable. Everyone remembers the 1920’s as being the pinnacle of luxury, culture and exuberance – but I have a strong feeling the 2020’s will give it a strong run for its money.
Photo courtesy of Extell
