November NB Review: EDC, Extell, Zara Realty

PincusCo Media is taking a look back at the largest new developments filed with the NYC Department of Buildings in November.

For the first time in the last three months, one of the largest five plans called for a new building in Manhattan. In both September and October, all of the top plans called for new developments in the outer boroughs. Last month four of the top plans were for mixed-use residential buildings while one was for a hotel. The five plans totaled just under 800,000 square feet of new construction and 1,291 dwelling units.

The New York City Economic Development Corporation was behind both the largest and the fifth largest plans filed in November. Both plans are part of the redevelopment of the former Spofford Juvenile Detention Center into The Peninsula, a five-building, 740-unit mixed-use campus in Hunts Point, the Bronx. The project will be developed by Gilbane Development Company, the Hudson Companies, and Mutual Housing Association of New York.

The larger of the two plans, filed on November 20, called for the construction of a 224-unit, 185,338-square-foot residential building at 1223 Spofford Avenue. Aside from the residential units, the building will have a parking garage, school, exercise room, gym, lounge, residential lobby, amenity room, and terrace. The smaller of the two, filed on November 5, called for the construction of a 135-unit, 129,277-square-foot mixed-use building at 1201 Spofford Avenue. The building will also have a playroom, exercise room, amenity room, lobby, lounge, and outdoor tenant areas. The architect for both buildings will be WXY + Architecture + Urban Design.

The second largest plans were pre-filed by Gary Barnett’s Extell Development on November 20. The plans called for a 534-key, 168,897-square-foot hotel building at 32 West 48th Street in Midtown West. Extell had been expected to build a hotel on the site since the developer bought 32 West 48th Street and adjacent buildings for $40 million in November of 2018. In February of this year, the developer sold one of the parcels in the assemblage, located at 25 West 47th Street, for $9.5 million. According to the plans, the building will have retail space on the cellar and ground floor.

Zara Realty was behind the third largest plans filed on November 13. The plans called for a 223-unit, 157,265-square-foot mixed-use building at 153-10 88th Avenue in Jamaica, Queens. The 95-foot tall, nine-story building will have an exercise room, lounge, residential lobby, and community facility space in addition to the residential space. Leyva Ismael Architect PC will be in charge of designing the building, which will occupy a property that has been vacant since demolition plans were filed in 2009.

Eastone Parsons Holding LLC, an entity affiliated with developer Shun Qian Liu, pre-filed the fourth largest plans of the month on November 18. The plans called for a 75-foot tall, seven-story, 175-unit, 155,389-square-foot residential building at 38-20 Parsons Boulevard in Flushing. Kenneth Liu was responsible for the filing. The building will have a children’s playroom, business center, conference room, lounge, gym, outdoor exercise space, public terrace. The developer purchased the property from Temple Gates of Prayer for $37.5 million in December of 2019.

The five plans came during a month in which NYC developers filed for just under 2 million square feet of new construction. The total was a 9 percent decrease from the 2.2 million square feet of new construction filed for in October.

PincusCo looked at all new building (NB) filings of 2,000-square-feet and above. For residential buildings, the analysis covered those with four or more units, and did not include residential units in hotel (R-1) buildings.

The total number of residential units filed for in November also declined, with a 17 percent decrease from the month prior. The 1,610 total units was down from 1,936 total units in October, and aligned more closely with the 1,547 units from September.

The total square feet of new construction filed for was 27 percent below the yearly average of 2.7 million, while the total number of residential units filed for was also 27 percent below the yearly average of 2,213 units.