A growing trend of mega-apartment complexes has been introduced to Manhattan's West Side, The New York Times reports.
According to the newspaper, the area is quickly gaining notoriety for it's massive residential projects, such as the Silver Towers and the Mercedes House which have 800 and 850 units, respectively.
Meanwhile, the source notes that there is a new development titled Gotham West which is set to take up an entire city block and will have its 1,263 units span from 44th to 45th Street on 10th and 11th Avenue. The development, which broke ground mid-2011, should be completed by 2013.
However, despite the trendy location, the complex is expected to offer a large number of low-priced units reserved for lower income households.
The development of these new complexes could help the Big Apple add homes to its shrinking affordable home inventory. According to the National Association of Realtors, the average price for a home for sale in New York City is currently $403,600. The addition of these buildings could help increase affordability for more entry-level homebuyers.
