GlobeSt.com EXCLUSIVE: Insiders Place Bets on West Side Redevelopment Effort

NEW YORK CITY-Now that it’s been made official and a plan is in place to bring a $1.4-billion New York Sports and Convention Center to the West Side, what impact will that initiative have on the real estate market?

“It will be nothing but positive,” says Bruce Mosler, head of US Operations for Cushman & Wakefield. He notes the importance of the stadium effort being coupled with the refurbishment of the nearby Jacob K. Javits Convention Center. “New York having the 17th largest convention center is unacceptable,” he says.

Faith Hope Consolo, vice chairman of Garrick-Aug Worldwide, compares the new venture with the revitalization that took place around the MCI stadium in Washington, DC. “It’s a big shot in the arm,” she offers. “The West Side is like a waste land, except for a few pockets.” Restaurants and sports-related retailers will be the first to jump on the bank wagon and she expects other service-oriented retailers to help in the revitalization effort. In addition, she says local retailers might find success due to the increased traffic and that tourists will flock to the area as well.