Queensborough Bridge. Shutterstock.
NEW YORK CITY- Cape Advisors, a New York-based real estate developer, is known for its luxury residential real estate projects throughout New York City, such as its condominium project on the High Line at 100 Eleventh Ave. But the firm doesn't start with opulence in mind, it is looking to capitalize on demand from Millennials flocking to the city's trendiest neighborhoods, Craig Wood, CEO at the firm, tells GlobeSt.com.
"When we embark on a new project, first and foremost we look at the neighborhood and assess how we can enhance it with development. We spend a great deal of time thinking about how innovative design can make a meaningful impact in a place and really add value," Wood said.
Underway in Astoria, Queens is Cape Advisors' 30-77 Vernon Boulevard, one of the largest new rental developments under construction in the submarket that will feature a total of 500 apartment units and is situated on Vernon Boulevard. While the area has seen some urban renewal in the past several years, the firm plans to further capitalize on the trend adding newer housing products to that market that offers a range of amenities attractive to Millenials, according to Wood.
"We like to find areas that have a void and help to fill that void with high-quality products that will become part of the fabric of the neighborhood and benefit both residents and local businesses. With Astoria, we will be adding luxury rental units to a market that has been exploding in the past several years," he said.
With the addition of ferry service to the market, connecting Astoria to Midtown and Downtown Manhattan, the submarket has gained increased popularity with Millenials in search of housing, David Kronman, president at Cape Advisors, tells GlobeSt.com. "Residents want to live outside of Manhattan and Brooklyn for lifestyle reasons. We are confident that we can add a unique and significant development to the neighborhood and meet the clear demand for luxury rental offerings," he said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
