After a year of upheaval for the New York City real estate market prompted by the coronavirus pandemic, some long-awaited projects are set to be delivered in 2021.
The year started with a major delivery: the Moynihan Train Hall — the 255K SF, $1.6B Penn Station expansion project developed by Vornado, Related Cos. and Skanska — which opened on New Year’s Day.
From Central Park Tower along Billionaire's Row to the 100% affordable Caton Flats development in Flatbush to a 350K SF community center attached to New York City's oldest church, here are eight major development projects with completion dates in 2021 that will change neighborhoods and skylines across the city this year.
Central Park Tower
Developer: Extell Development
Address: 217 West 57th St.
Size: 1.3M SF
Reaching above its supertall neighbors, Extell’s Central Park Tower, also known as the Nordstrom Tower, towers over Billionaire's Row at 1,550 feet tall.
It has been open to move-ins since last year while construction is being completed. The building, which has 179 units across 131 stories, is the 13th-tallest in the world and the second-tallest building in the United States after One World Trade Center, according to the Council on Tall Buildings and Urban Habitat.
Construction workers are currently putting the finishing touches on the building designed by Adrian Smith and Gordon Gill, New York YIMBY reported last week. Extell is expecting to make over $4B off the building once the condos are sold with the average price tag per unit of $22.5M, making it New York City’s most expensive condo project ever. Extell purchased the property that the tower would be built on in 2005.
Pacific Park Brooklyn
Developers: Greenland Forest City Partners, The Brodsky Organization
Address: 18 Sixth Ave. and 662 Pacific St.
Size: 586K SF and 209K SF
Two more buildings in the long-awaited Pacific Park Brooklyn project are set to be complete in 2021.
AECOM Tishman is serving as contractor for both Greenland Forest City Partner's 585,641 SF apartment building at 18 Sixth Ave., set to be complete by October, and The Brodsky Organization's 209,451 SF apartment building at 662 Pacific St., set to be complete by July, a spokesperson for the developers said.
Greenland's building is set to reach 51 stories and hold 851 units, including 600 market-rate and 258 affordable, and was designed by Perkins Eastman. Designs for the building were first revealed in 2018.
Construction on the Brodsky Organization's building began in early 2019. Designed by Marvel Architects, it will hold 312 residential units — 218 market-rate and 94 affordable — with a public middle school on the ground floor.
Pacific Park Brooklyn, the development Bruce Ratner promised when he was awarded the land to build the Barclays Center, will contain 15 buildings in total when it is finished.
Bankside
Developer: Brookfield Properties
Address: 2401 Third Ave. in the Bronx
Size: 431K SF
Phase 1 of a massive $950M, 4.3-acre residential development project situated on each side of the Third Avenue Bridge along the Harlem River in the Bronx is set to wrap up before the end of 2021.
The smaller of the two portions of the project includes 2401 Third Ave., which will total 450 apartments across 431K SF, according to a Brookfield spokesperson. Hudson Meridian is the general contractor for this portion of the project, which is projected to deliver in Q4.
The second phase of the project, with construction led by general contractor Triton Construction, will include over 856K SF more residential space at 101 Lincoln Ave. for a total of 1,350 apartments across the two phases. Thirty percent of these units will be income-targeted, according to the developer.
The project will also include 15K SF of retail and a 34K SF waterfront park. It is being designed by Hill West Architects. Brookfield purchased the property for $165M.
Taystee Lab Building
Developer: Janus Property Co.
Address: 450 West 125th St.
Size: 350K SF
Building upon a budding life sciences cluster in Harlem near Columbia University, Janus Property Co. will complete its 11-story, 350K SF building during the first quarter of this year, after a delivery expected in late 2020 was delayed.
The building was previously a bread bakery. The cost of the project hasn't been released.
Janus hasn’t signed any tenants to leases yet, and asking rents are in the mid-$60s per SF at the base of the building, according to a spokesperson. While many sectors of real estate have been hit hard this year, life sciences appear to be a silver lining, with record amounts of government funding and venture capital funneled into the sector last year.
Nearby, at Janus Property Co.'s Mink Building at 1361 Amsterdam Ave., the landlord inked an 11K SF lease with Biotechnology company Volastra Therapeutic in September.
Trinity Commons
Developer: Trinity Real Estate
Address: 74 Trinity Place
Size: 310K SF
An extension of the historic Trinity Church, built in 1697 and situated near the grave of Alexander Hamilton in the Financial District, is almost finished. The mixed-use building, designed by Pelli Clarke Pelli Architects and Stephen B. Jacobs Group, will be completed this year, New York YIMBY reported in September.
The 26-story, 310K SF building will be used as a community center and will include book talks and support for youth, according to the church's website. It will be connected to the church through a bridge. Five floors of the building will be retail space. The building was set to be completed in 2019 or 2020 originally, according to YIMBY. The $112M construction project began in 2018.
Caton Flats
Developers: BRP Cos., New York City Department of Housing Preservation and Development, Housing Development Corp., Caribbean American Chamber of Commerce and Industry
Address: 794 Flatbush Ave.
Size: 220K SF
Lettire Construction will finish up this 255-unit, 100% affordable housing project this May, according to a spokesperson for the development team. In addition to apartments, the Caton Flats building will contain office space and a Caribbean food market, as well as 5K SF of community space and 10K SF for local retailers.
The affordable units, which span in size from studios to three-bedrooms, will have asking rents based on the average median income for very-low-income residents to middle-income residents, according to BRP. These numbers have not yet been determined. The building is being designed by Freeform Deform and MAP Architects. Plans for development of the property began in 2015.
Betances Residence
Developer: Breaking Ground
Address: 445 East 142nd St. in the Bronx
Size: 120K SF
Nonprofit developer Breaking Ground will finish up its $100M, 120K SF, 145-unit affordable housing project for seniors sometime this year, a spokesperson for the developer said. The building will contain 45 units for seniors that were once homeless and 26 units for New York City Housing Authority residents.
The lottery for the units will begin within the first two quarters of this year. Residents will pay 30% of their income to rent. In order to apply, every tenant must make 50% or less of the area's average median income. Social services located in the building will be offered to each tenant, and there will be arts programming.
The general contractor on the project is Monadnock Construction Inc. and COOKFOX Architects designed the building.
Edwin's Place
Developer: Breaking Ground, the African American Planning Commission
Address: 7 Livonia Ave. in Brooklyn
Size: 116K SF
The African American Planning Commission and Breaking Ground's joint eight-story residential development is set to be completed this year, according to a spokesperson. The building is already 10% leased up and the developers expect that the remaining 90% of units will be leased out by the end of the first quarter.
There will be 126 units total, all reserved for either low-income or previously homeless individuals. Eighty-eight units will have rental assistance and 37 one-to-three bedroom units with rent ranging from $666 to $1,279 per month will be available through the city's housing lottery. Mega Contracting Group is the general contractor on the project, while Robert A.M. Stern Architects designed the project.
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