Report: Lower East Side is One of the City’s Fastest Developing Neighborhoods
It’s boom time for New York City.
In the next two years, approximately 31,000 new apartment units are expected to hit the pipeline. More than half will be concentrated in neighborhoods across Brooklyn and Queens, according to data compiled by aggregator Localize.city.
The recent report lists the city’s ten fastest developing neighborhoods ranked by number of units completed by 2020. Long Island City tops the list.
As it happens, the Lower East Side is the only Manhattan neighborhood to appear in the top ten. One need only walk the waterfront (One Manhattan Square, and potentially 3 more) or Broome Street from Ludlow to Clinton (Essex Crossing) to see why.
Appearance on this list is proof positive that the neighborhood is completely overrun. And will likely spur further displacement, both direct and indirect.
[h/t Wall Street Journal]