NEW YORK CITY-The revival of New York City’s waterfront market will make a splash in the commercial real estate world come mid-June. With the new East River Ferry service setting sail next month, new developments are popping up along the city’s waterways in Queens, Brooklyn and Manhattan, according to a study from the New York City Economic Development Corp.
The service--operated by BillyBey Ferry Co. under NY Waterway through a contract with the NYCEDC--will make seven regular stops along the East River, which will include links to new multifamily developments at Hunter’s Point South in Long Island City and Schaefer Landing at South Williamsburg. The ferry will also make stops at East 34th Street, India Street in Greenpoint, North Fifth and North Sixth Streets in North Williamsburg, Wall Street at Pier 11 and Brooklyn Bridge Park/DUMBO.
A spokesperson for NY Waterway tells GlobeSt.com in an e-mail that the ferry will run during weekday peak hours from 7:00 to 9:30 AM and 4:30 to 7:00 PM every 20 minutes throughout the year; during summer off-peak hours, it will run every 30 minutes. Fares will be a flat rate of $4 per trip, and other options include a $12 all-day, hop-on hop-off ticket and monthly pass at $140.
Though he could not be reached for comment in-time for deadline, EDC deputy mayor Robert K. Steel says in a statement that the city wants to capitalize on fast-growing neighborhoods by providing new “sustainable” transit options for residents. “By launching regular ferry service every 20 minutes, with stops in Midtown and Lower Manhattan and summertime stops at Brooklyn Bridge Park and Governors Island, we’ll create a transportation alternative while spurring private investment along the waterfront,” he says.
The East River Ferry is part of the city’s larger “Vision 2020” plan, an initiative to make New York’s 520 miles of river and oceanfront areas more conducive for redevelopment. The plan, budgeted at $3.3 billion, involves 130 individual projects in addition to the ferry, including the creation of 14 new waterfront esplanades and more than 50-acres of new waterfront parks. By encouraging residents to live and work in these areas once again, in total, the city plans to create 21 mixed-use and industrial developments along the waterways. Other funds will go toward improving water quality and treatment plants.
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