The past decade saw enormous development in New York City, with a
flood of new buildings hitting the city’s supply. A slew of new luxury
condominiums have been built, slick new offices have come online and
developers have pushed deeper into previously uncharted neighborhoods in
search of yield.
This next decade of construction in the city could look very
different, with a potential downturn, rising costs and ongoing
affordability issues all dominating the market. Still, the 2020s are
kicking off with a remarkable set of projects, with the world’s tallest
residential building, new affordable housing developments and new lab
spaces among them. Here is a look at eight developments opening up in
NYC this year:
One Vanderbilt
Courtesy of Kohn Pedersen Fox
Rendering of the One Vanderbilt skyscraper in Midtown Manhattan.
Type: Office
Location: Midtown East
Developer: SL Green, Hines
Under budget and three months ahead of schedule, SL Green’s $3.3B
Midtown East office tower is expected to officially open its doors this
August. The supertall topped out at 1,400 feet last year, and is so far
65% leased. Greenberg Traurig took 133K SF in 2018 and The Carlyle Group
has signed up for a total 128K SF. Meanwhile, TD Bank has 200K SF and
law firm McDermott Will & Emery is leasing 106K SF in the Kohn
Pedersen Fox-designed tower. The building will also feature a 11K SF
restaurant from Daniel Boulud, opening this year, and an observation
deck higher than 1,000 feet called “The Summit” — though that piece
isn’t due to open until 2021. Office asking rents in the building are
reportedly between $125 and $300 per SF, with nine to 12 months of free
rent. The building signed the highest per-SF lease in the city last
year, according to JLL, at $185 per SF. It has taken six years to get to
this point — and the 1.7M SF building ushers in a whole new era for the
area, which has notoriously elderly office stock. Vanderbilt Avenue
between East 42nd and 43rd streets will now become a pedestrian plaza,
which SL Green was required to bankroll as part of a 2014 deal with the
city that gave the developer increased density for the building. Hines
and the National Pension Fund of South Korea both have equity stakes in
the project, and as of last spring, SL Green was shopping a 15% stake to
joint venture partners.
The Artisan at Essex Crossing
Courtesy of Handel Architects
The Artisan
Type: Mixed-use
Location: Lower East Side
Developer: Delancey Street Associates
Essex Crossing, a massive, mixed-use development that will
ultimately feature more than 1,000 new residences and 350K SF office
space, is continuing to take shape this year. Last month, the 92-unit
affordable senior housing building 140 Essex opened. Next up is the
Artisan at 180 Broome St., slated for June. The Handel
Architects-designed building has 263 apartments, some of which are set
aside for affordable housing. The lottery for those apartments, which
include $562-per-month studios and $3,770 three-bedrooms, started this
week. Leasing for the market-rate units will kick off in May. As well as
the rentals, the 25-story building has 175K SF of Class-A office space
and ground-floor retail. It also features Market Line, the largest food
hall in the city, at its base. Delancey Street Associates, which is a
joint venture of L+M Development Partners, Goldman Sachs Urban
Investment Group, Taconic Investment Partners, BFC Partner and the
Prusik Group, scored $200M of construction financing in 2018 for the
building. Essex Crossing is set to be totally complete by 2024 and will
feature about 1.9M SF of development, including nine buildings, a public
park, a Trader Joe’s and the International Center of Photography.
The Edge
Courtesy of Related Cos. and Oxford Properties
The Edge will be the highest outdoor deck in the Western Hemisphere
Type: Observation Deck
Location: Hudson Yards
Developer: Related Cos. and Oxford Properties Group
2019 was a year of major milestones for the Hudson Yards
megaproject. The brand-new neighborhood officially opened to the public
with great fanfare, and Facebook’s massive lease there brought the
office portion to 91% leased. Now, anticipation is building around the
Edge, the observatory atop 30 Hudson Yards that opens next month. At
1,100 feet high, it will be the highest outdoor deck in the Western
Hemisphere. The Edge extends 80 feet from the 100th floor of the
building and is surrounded by glass walls for maximum Instagramability.
It is said to weigh 765,000 pounds and is anchored to the sides of the
building. Also set to open alongside the Edge is Peak, an eatery on the
101st floor. That space will feature a 110-seat dining room and a
45-seat bar.
Two Blue Slip at Greenpoint Landing
Courtesy of Visuals
The pool deck at Two Blue Slip
Type: Rental apartments
Location: Greenpoint
Developer: Brookfield and Park Tower Group
Next month, the first residents of Two Blue Slip, the 421-unit
rental at Greenpoint Landing in Brooklyn, will be moving into the
building. Next door to One Blue Slip, which opened in 2018, the 30-story
rental building has a private pool, a two-story fitness center and a
landscaped outdoor deck. Park Tower Group, the master developer of the
22-acre Greenpoint Landing site, and Brookfield scored $217M in
financing for the building last year from Industrial and Commercial Bank
of China, Scotiabank, TD Bank and Intesa Sanpaolo. Once finished,
Greenpoint Landing will have retail space, a public park, a school and
5,000 apartments across 11 residential buildings.
Taystee Lab Building
Courtesy of Janus Property Group
Rendering of the Taystee Lab Building
Type: Lab and office
Location: West Harlem
Developer: The Janus Property Co.
The city will get an injection to its life sciences space supply
when the Taystee Lab Building at 450 West 126th St. opens, which is
expected to be in December. The 11-story, 350K SF Class-A lab and office
building on the site of the former Taystee bakery is part of Janus’
Manhattanville Factory District in West Harlem. Floor plates in the
building — which is targeting life science, technology, academia,
nonprofit, retail and arts tenants — are between 15K and 36K SF. “As New
York City’s life science industry grows, leveraging the abundance of
highly educated STEM talent here, Janus is eager to continue to provide
innovators with a place to thrive,” said Janus principal Jerry Salama in
statement about the project last month. The Manhattanville Factory
District, where Janus Property Group is developing a string of sites
along Amsterdam Avenue between West 126th and West 127th streets, will
ultimately become a 1M SF commercial complex.
Central Park Tower
Central Park Tower by Extell Development Visas Consulting Group
A rendering of Central Park Tower overlooking its namesake
Type: Condominium
Location: 57th Street
Developer: Extell Development
The first residents are expected to move into Central Park Tower,
the world’s tallest residential building, toward the end of 2020.
Reaching 1,550 feet, the building has 179 units that come to a total
value of $4B. Right now, a two-bedroom is asking $6.7M and a
five-bedroom is on the market for $63.8M, per StreetEasy. The building,
home to the new Nordstrom flagship department store, also features
Central Park Club, a private club with the world’s highest private
ballroom, a dining room, and wine and cigar lounges. There is no doubt
the developer is trying to sell pricey apartments at a time of great
competition for luxury offerings, of which Extell Chairman Gary Barnett
is very aware. “It’s not booming, they are not flying out the shelves
like One57 did,” Barnett told Bloomberg last year. “Six or seven years
ago, we were the only game in town. There is certainly much more
competition, there is more supply.”
Brooklyn Point
Courtesy of Williams New York
Brooklyn Point
Type: Condominium
Location: Downtown Brooklyn
Developer: Extell Development
As well as bringing the world’s tallest residential tower to
fruition this year, Extell is also setting new records in the outer
boroughs. Closings at Brooklyn Point, a 458-unit luxury building that is
currently the borough’s tallest tower, are starting in 2020. The Kohn
Pedersen Fox-designed building at 138 Willoughby St. is part of the City
Point megaproject. It features the highest residential infinity pool in
the Western Hemisphere, Extell says, as well as a 35-foot rock climbing
wall, a yoga studio, a squash/basketball court and an infrared sauna.
Extell locked down a $530M construction loan for the property in July
2018, which reportedly required the developer to sell at least $175M
worth of condos within two years. Right now, a studio there is asking
$906,780 and a three-bedroom is priced at $3.3M, according to
StreetEasy.
The Fountains
Courtesy of Aufgang Architects
911 Erskine
Type: Affordable Housing
Location: East New York
Developer: The Arker Cos.
This year, six buildings at The Fountains, a massive affordable
housing development project in East New York, will be up and running.
Developed by Arker Cos., the final project will feature 1,163 units,
retail offerings, commercial space, off-street parking and community
facilities, all across 1.2M SF and eight buildings. All of the
apartments will be reserved for tenants earning less than 80% of area
median income, meaning a family of three would need to make less than
$58K a year to be eligible for one of the most common units at the
development, according to a representative for the developer. There will
also be units set aside for senior and supportive housing. An official
ribbon-cutting will be held in the spring, and the first two buildings —
the 65-unit building at 11629 Seaview Ave. and the 267-unit 911 Erskine
St. — will be opening in the first half of the year.
https://www.bisnow.com/new-york/news/construction-development/nycs-2020-skyline-8-major-projects-opening-up-this-year-102871
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