For anyone who predicted New York City’s decline in the early 2020s, recent figures tell a different story: inbound visitation in 2023 reached 93 percent of the city’s 2019 record, and projections indicate NYC will welcome about 64.5 million domestic and international business and leisure visitors by the end of 2024 — generating roughly $74 billion in economic impact across the city’s 470 square miles of land and water.
In 2024 all five boroughs saw major building activity, much of it hospitality-focused. Airport upgrades, new hotels and cultural venues combined with expanded green spaces and sports facilities position the city for growth well into the next decade.
Following the recently completed Terminal 8 expansion, John F. Kennedy International Airport announced a $125 million commercial redevelopment program that will introduce more than 300 concessions and over 60 new retail offerings, with an emphasis on local, minority- and women-owned businesses. JFK also began work on a $4.2 million redevelopment of Terminal 6 to consolidate a footprint that previously held Terminals 6 and 7. Construction continues on Terminal 1’s $9.5 billion expansion, which will add 23 gates and about 300,000 square feet of dining, retail, lounges and recreation space.
At Newark Liberty International Airport, considered one of the region’s three primary airports, the new Terminal A earned a 5-star rating from Skytrax earlier this year. That terminal now joins LaGuardia Airport’s Terminal B — also recently revitalized — as one of only two North American terminals to receive Skytrax’s highest honor.
© Waldorf Astoria New York
As visitor numbers rise, the hotel industry is expanding to meet demand. According to Lodging Econometrics, 78 hotel projects are underway in New York City, set to add 13,549 rooms — the tenth-largest U.S. pipeline by project count.
New openings this year included the 69-room Warren Street Hotel in Tribeca, offering Hudson River views and the Warren Street Bar & Restaurant. In Brooklyn’s revitalized Gowanus neighborhood, a contemporary 101-room Tru by Hilton debuted mid-year. On the Upper East Side, The Surrey, A Corinthia Hotel introduced 70 rooms and 30 suites in October, reflecting the neighborhood’s glamour and refined style.
Coming in mid-2025, the 173-room Xadia Hotel will occupy 29 floors of the 42-story Crown Building overlooking Bryant Park. The Marin Architects–designed property will feature an eclectic rooftop bar and restaurant.
After extensive renovation and restoration, the famed Waldorf Astoria New York is scheduled to reopen in spring 2025 with public event spaces, luxury condominiums and 375 guestrooms and suites created by Skidmore, Owings & Merrill together with interior designer Pierre-Yves Rochon. The city is also expanding parks and waterfront access: Hudson River Park’s Pier 97 redevelopment includes Clinton Cove Park with a new playground, water spray features, sunset plaza seating and an activity field.
Brooklyn Bridge Park stretches 1.3 miles along the East River, preserving industrial waterfront character while offering beaches, recreational facilities and dining with unparalleled views of the lower Manhattan skyline. Bronx Point, a 530,000-square-foot mixed-use development, will provide housing, retail, public space, a waterfront promenade and cultural programming anchored by the Hip Hop Museum, honoring the borough’s place in the genre’s origins.
© Joanna Tricorache
In sports development, New York City Football Club will finance and build the city’s first purpose-built professional soccer stadium in Willets Point, Queens. The 25,000-seat venue will be part of a broader project that includes public and private amenities: a new public school, open public space, a hotel and ground-floor retail.
“New York City and New Jersey will host the FIFA World Cup 2026 Final, which will be a historic moment for NYC and our host partners in New Jersey, as we bring the world’s largest sporting event to the world’s biggest stage,” said Fred Dixon, president and CEO of New York City Tourism + Conventions. “This will be a great experience for fans that embraces our region’s love for the game while showcasing the rich diversity, vibrancy and excitement of the five boroughs as the ultimate destination in the summer of 2026.”
With the new stadium, Willets Point will emerge as a premier sports hub, situated within walking distance of Citi Field and the U.S. Tennis Association’s Billie Jean King National Tennis Center and well connected to subway and Long Island Rail Road service.
SCENIC DRIVES
From Midtown Manhattan, take the West Side Highway (Route 9A) north along the Hudson River to the George Washington Bridge, then head west into New Jersey. Follow signs for Palisades Parkway North to reach Bear Mountain State Park, which offers hiking and biking trails, lakes and scenic overlooks. The Bear Mountain Inn, a member of Historic Hotels of America since its 1915 opening, retains original architecture and serves notable cuisine.
Return to the city by crossing Bear Mountain Bridge to the Hudson’s east bank, then drive south on Route 9 to I-87. Along the route, consider visiting Kykuit, the Rockefeller estate in Sleepy Hollow, or stopping in the small riverside towns that dot the Hudson.
To explore historic towns on northern Long Island, begin at the Unisphere in Flushing Meadows Corona Park, built for the 1964 New York World’s Fair. Drive east on Northern Boulevard (Route 25A) into northern Nassau and Suffolk counties for about 45 minutes to reach coastal communities along Long Island Sound such as Roslyn, Sea Cliff, Oyster Bay and Cold Spring Harbor. Scenic state parks, nature preserves and beaches line the Long Island coast and offer year-round recreation and history.