In most cities around the world, abandoned buildings are regarded with distaste. This is true for NYC abandoned homes, factories, and buildings too. Abandoned buildings are eyesores, but for some investors, they can also be an incredible opportunity to bring something new to the New York City landscape. By renovating an abandoned home or building, some developers can open themselves up to incredible sources of revenue.
Renovated Abandoned Buildings
Because there’s so little space in NYC to create new developments from scratch, most real estate investors need to look to renovations and redevelopments as a way of making their mark on the map. The following example
1. The American Brewery
Located in Baltimore, the American Brewery was once one of the largest buildings of its kind in Maryland. However, production only lasted until 1920, until the operations were shut down. The building eventually was abandoned, but it’s historical significance allowed it to achieve a placement on the national register of historic places. The building was restored in 2012 and won an award for adaptive reuse and compatible design.
2. The World Trade Center
Ever since the attacks on September 11, New York has been looking for ways to redevelop the 16-acre site where the Twin Towers once stood. In January 2017, 1 World Trade Center, otherwise known as the Freedom Tower, was built, along with a transit hub, a memorial, a park, a mall, and a museum. There’s more to come by 2020 too, including a small church and performing arts center.
3. The Cast-Iron Building
The Architectural design firm WORKac recently completed the renovation of a section of NYC abandoned homes in the form of the cast-iron façade building in New York City. The space has been transformed into a serious of modern apartments, with a rooftop addition that was deemed reasonable because it was invisible from street level.
4. Pacific Park
Otherwise known as Atlantic Yards, the Pacific Park project costing $6 billion is now set to bring a range of 6,430 new apartments and shops into the Prospect Heights area of Brooklyn. Previously full of abandoned industrial buildings, the site now boasts the tallest modular apartment building in the world, and the full development is set to be finished by 2025.
5. Hudson Yards
Finally, Hudson Yards is the 28-acre mega development that contains around 33 smaller projects in total. The neighborhood is set to be completed in 2024, and should be filled with retail units, residential units, restaurants, a public square and a range of office buildings. The estimated cost for the NYC abandoned homes redevelopment is around $20 billion.
Currently, the overhauled area is set to be one of the most expensive developments in real estate in the history of America. Previously, the neighborhood was simply a largely abandoned area that included an old rail yard and an offloading space. Now, thanks to new development teams, it will soon become one of the most sought-after locations in New York.