The properties are located directly across Vernon Boulevard from the East River. Such a location offers excellent views of Manhattan and access to multiple waterfront parks in the immediate area, including Socrates Sculpture Park, Goodwill Park and Rainey Park. This waterfront locale is currently undergoing a large revitalization, with hundreds of units in multiple small to medium luxury and market rate buildings planned, under construction and recently completed. In addition to the swath of development on the waterfront and the immediate in-land blocks, two large megaprojects will drastically revolutionize the neighborhood. Hallet’s Point & Astoria Cove are two fully approved projects that will bring approximately 4,100 housing units, retail space, a supermarket, and a school to the immediate vicinity. In addition, the project will also include the construction of a waterfront promenade leading to a new east river ferry terminal. This promenade will have an entrance across the Vernon Boulevard from the subject offering. The Value: Demand for luxury residential and local retail space continues to be at record levels. Local new-construction residential rental values have topped $50 per square foot for rentals.