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08 Nov 2017
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New Developments in Bryant Park

Bryant Park, formerly known as Reservoir Square, has a long history in New York City from the square General George Washington’s troops “raced across” during the Revolutionary War, to New York’s Croton Distributing Reservoir and an “encampment for Union Army troops” during the Civil War.[1] The Landmarks Preservation Commission made Bryant Park a Scenic Landmark in 1974 and today it is a sought after neighborhood for both businesses and residents.

Residential space around Bryant Park is becoming more popular. The area is seeing a significant shift as developers build new co-ops, condos and rental units. To meet the demand of more people in the area, there has been an influx of grocery stores (notably Whole Foods), restaurants, and amenities in the area. This is a substantial change from the abundant quick lunch spots and cafes for businesses in the neighborhood. The biggest attraction for new residents however is that they can typically walk to work and avoid traffic, while those who have to commute have access to the B, D, F and M lines.

Unlike the blocks around Gramercy Park, Tompkins Square Park or even parts of Central Park, the area surrounding Bryant Park, a nearly 10-acre spread at West 42nd Street, between Fifth Avenue and the Avenue of Americas, has for a century been mostly a business district.[2]

Although Bryant Park is in Midtown amongst an ample amount of businesses, tourists, and currently Bank of America’s Winter Village, residents comment on the area’s tranquility. “When everybody goes home, and everyone takes their trains, there’s something really nice about the quietness of this neighborhood”.[3] Developers predict that the neighborhood’s population will continue to grow due to its proximity to businesses and shops. Many businesses are in beautiful pre-war buildings, which will likely be converted into more residential units. This means that the value of property surrounding Bryant Park can see an increase over the next few years as development continues and demand strengthens. Today, the average price for a new apartment is $3.01 million.[4]

So what should potential buyers expect in this flourishing neighborhood? The Bryant, located at 16 West 40th Street, has 57 residential units starting on the 16th floor of the hotel, with views looking out onto Bryant Park. The Bryant “is the first ever residential condominium built on Bryant Park and the first ground-up residential tower in the United States” designed by David Chipperfield.[5] The condos are known for their floor-to-ceiling windows and luxury amenities. Although the area can be busy, the building advertises that its location has “the very best that NYC has to offer” from the arts to dining.[6] Skyline Developers have also ceased an opportunity in the neighborhood and are developing ML House, a 62 unit apartment complex on 1050 Avenue of the Americas, which will be completed by next summer.[7]

[1] Bryant Park. “History”. Available at: http://bryantpark.org/blog/history. Accessed on Nov. 8, 2017.

[2] Hughes, C.J. (Nov. 8, 2017) “Bryant Park: A Growing Neighborhood in Central Manhattan.” New York Times. Available at: https://www.nytimes.com/2017/11/08/realestate/living-in-bryant-park.html?rref=collection%2Fcolumn%2Fliving-in. Accessed on Nov. 8, 2017.

[3] Ib.

[4] Ib.

[5] The Bryant. “Overview”. Available at: https://www.thebryantnyc.com/the-bryant/#overview. Accessed on Nov. 8, 2017.

[6] The Bryant. “Neighborhood”. Available at: https://www.thebryantnyc.com/neighborhood/. Accessed on Nov. 8, 2017.

[7] Op. Cit. n2.  

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