All images of Thirty1-Twenty8 Henry Hudson Parkway via Compass
New York City's rental market slump caused by the repercussions of the pandemic effectively shows that if there is a large enough inventory of vacant units, prices will fall to levels within the reach of more renters. Then the question remains, why don't we continuously replenish our supply of available apartments, rather than constrain the market until landlords are able to charge astronomical rents. The primary reasons are not so much the lack of developable land, but restrictive zoning which in turn results in high land costs. Additionally, the city's construction costs are now the second-highest in the world, only behind similarly-suffering San Francisco. The combination of these two factors has made developing any kind of unsubsidized 'affordable' housing nearly impossible in central areas, yet still, politicians scapegoat housing developers as the bad actors and reasons for the housing crisis, further limiting new supply.
Gooele Earth aerial of Riverdale looking north
The boroughs outside of Manhattan, where land costs are lower and the logistics of construction are less complex, is where the bulk of the city's new apartment supply is being produced, mostly in four- to twelve-story buildings on underdeveloped tracts of land. In the western Bronx neighborhood of Riverdale, where the built environment more closely resembles a Canadian city with its clusters of mid- and high-rise multifamily buildings scattered among leafy streets of detached single-family houses, a new seven-story rental building has sprung up near the well-trafficked intersection of West 232nd Street and Henry Hudson Parkway East.
Clumsily named Thirty1-Twenty8 Henry Hudson Parkway, the red-brick building designed by C3D Architecture
brings to market 42 modern, light-filled apartments that include 800-square-foot one-bedrooms priced from $2,700/month. Current availabilities, ranging from one- to three-bedrooms priced from $2,500/month, are said to have impeccable Italian finishes, neutral colors, and floor to ceiling windows for naturally illuminated views. Apartments also feature central air, marble-tiled baths, W/D hook up, and a stainless-steel package with a dishwasher, microwave, five-burner range, and fridge. Many units also have balconies.
Piggybacking on the trend of providing a host of pampering amenities, residents are treated with an 18-foot-high marble lobby, a state-of-the-art fitness center, an 8,000-square-foot roof deck and lounge, bike and stroller room, laundry room, and indoor parking for 23 vehicles (for a monthly price of $200). While Riverdale is more car-centric than Manhattan neighborhoods and the building is only 15 minutes to Midtown by car in no traffic, mass transportation options to Manhattan's business districts can be had via the MTA BxM express bus and the local 1 train (long ride) that can be found nearby. The Hudson Link bus company connects residents to the Riverdale Metro-North station which can shuttle commuters to Grand Central in about 30 minutes.
Despite the neighborhood's high-quality of life and many parks/bucolic areas, apartment prices in Riverdale are a fraction of what they are in Manhattan, and a steady supply of new buildings spurred by a heavyhanded 1961 zoning resolution has kept prices within the reach of middle-class New Yorkers. As several U.S. cities consider freeing themselves from the stranglehold of single-family zoning (i.e. Minneapolis), just think if the Riverdale model had been applied across a Staten Island with improved transportation options. Perhaps how our soon-to-resume housing crisis may have been staved.
Thirty1-Twenty8 Henry Hudson Parkway Leasing
(646) 809-XXXX
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