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December 4, 2007 New York--The unique stature of Manhattan often overshadows New York City's other boroughs and suburbs, considered by many commercial property experts to be vibrant and complex markets. Panelists at the NY Investment Summit held at Sheraton NY Hotel & Towers in Manhattan yesterday discussed the latest development trends in the Empire City. Some Manhattanites have found a haven in Brooklyn due to lower apartment rents and condominium sale prices. "Brooklyn is a hip neighborhood," said Joseph Beninati, (pictured) co-founder and partner of Antares Inc., a full-service development company based in Stamford, Conn., during the "More than Manhattan: The Boroughs and Beyond" session. "Brooklyn is becoming a place where people must be." Dubbed a "cool market," by Beninati, Brooklyn has attracted the attention of numerous high-profile celebrities. Before their split, actors Heath Ledger and Michelle Williams, who met while filming "Brokeback Mountain," lived in Boerum Hill. Married actors Paul Bettany and Jennifer Connelly, who worked on "A Beautiful Mind," currently reside in the area. And, Adrian Grenier, star of the hit TV show "Entourage" recently moved into a three-floor townhouse in Clinton Hill. Downtown Brooklyn, in particular, will become home to Forest City Ratner Co.'s more than $3-billion Atlantic Yards, considered the region's most ambitious--and controversial--master-planned development project. It is scheduled to become the new home for the Nets basketball team and several mixed-use buildings. The Atlantic Yards development intends to add 6,430 units of mixed-income housing; 1,930 will be market-rate condos, and 4,500 will be rental units. Fifty percent of the rentals will be set aside for middle- and low-income families. Additionally, at least 200 ownership units on-site will be dedicated for ownership by low-, moderate- and middle-income individuals and families. Other speakers indicated that development is also flourishing in Westchester County; Stamford and Greenwich, Conn. As for all the outer boroughs and neighboring suburbs of New York City, Kevin Tartaglione, senior vice president and COO of Advance Realty Group, a Bedminster, N.J.-based owner and developer of commercial and multifamily properties, emphasized the need for mixed-use, transit-oriented developments in the future as gas prices continue to escalate. The summit was presented by Commercial Property News, the sister publication of MHN.
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