Derelict And Unused Sites Become The Focus For Developers In New York

BY CINDY TRILLO

Gone are the days where gangs reigned supreme in areas such as Hell’s Kitchen in New York. With mass development said to start on eleven sites that run from 34th to 59th streets, and eighth avenue and the Hudson River, Hell’s Kitchen is said to embrace the thriving community already in its midst. But while some developments receive the much-needed funding and support, others are not that lucky.

Ramapo’s Striker Property Woes

Seventy-five acres of lush woodlands, wetlands, and valleys play home to an abundance of flora and fauna along Route 45. The town initially bought the Striker land and earmarked it as green space, providing residents from neighboring Skyview Acres with the peace of mind that there won’t be development on that land. The proposal to convert the land into a satellite-like network for campuses wasn’t received well by this community, who is said to oppose the development. Despite pushback from the community, the town council is looking at ways to sell the land directly to an organization.

$4.5 Million White Elephant For Rockland County Developer

Although the Sain Building has come under fire before for housing city council workers despite being in severe disrepair, this infamous building is under the spotlight again. A developer wanted to turn the building into a $4.5 million housing development for seniors, however, the sheer amount of neglect in the building has forced the developer to rethink his position.

To pay for this development, further funding is a priority which means that developers may need to raise finances in their personal capacities, especially if they have equity of their own. The Sain Building is in a prime location and the possibilities are endless. Even if site inspectors don’t approve repairs to the building, the site is a great spot for additional parking in this part of town. Others have mentioned the possibility of converting it into a museum which seems to resonate with many inhabitants too.

Overlook Terrace’s Decade-Long Planning Comes To An End

For developer Ruddy Thompson, the purchase of 33 to 35 Overlook Terrace in Washington Heights was supposed to be his ticket to retirement. Instead, thanks to a failing economy from 2008 to 2009, this site is still not what it should be. While Ruddy spent millions to get things started, a combination of bad timing and a poor economy has left the site derelict. The building was supposed to be a 23-floor skyscraper which would have towered over the other properties in the area.

For developers, it’s not always just the land or location whether a development is a good investment or not. Sometimes it’s simply just money in the bank and a complete overhaul of the initial project that decides whether the development will sink or swim.