October new building review: over 5,000 units, 7.6M sf filed for as new development continues to reach new highs

By Atticus O’Brien-Pappalardo

Last month new building plans were filed calling for the construction of 5,137 residential dwelling units, the most in a single month since the start of 2020.

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.

There was over 7.6 million square feet of new construction filed for last month, far and away the most in a single month since the start of 2020. The last time there was more new construction planned was back in June of 2019. The 7.6 million square feet was a 46 percent increase from September, when just over 4 million square feet was filed.

For the square feet figures, PincusCo used the total building square footage figures reported in the PW1 of new building filings. Because of this, prior reports on individual filings may differ slightly from figures here.

There was only one plan filed for a new hotel (R-1) building in October, pre-filed on October 15 by The New York City Economic Development Corporation, but it was enormous. The second half of 2021 has seen very little hotel development, as developers react to and push back against a city zoning proposal that would require special permits for all new hotel construction.

By comparison, there were a flurry of hotel plans filed in the first half of the year, including plans for a total of 1,151 hotel rooms in Q1 and 2,344 hotel rooms in Q2. Insiders told PincusCo the spike in hotel filings was likely due to developers attempting to get their plans filed before the controversial proposal from Mayor Bill de Blasio and other city representatives could become reality.

As with recent new building analyses, PincusCo only looked at new building plans that were made public on the DOB NOW Open Data site during the third quarter. Due to perceived delays with the New York City Department of Buildings’ new DOB NOW: Build platform, the figures may be slightly skewed.

The five largest projects planned in October called for just over 3.1 million square feet of new construction. Two of the five largest new developments were in Brooklyn, two were in Manhattan, and one was in Queens.

Four of the top five plans in the month called for residential or mixed-use residential buildings, while one was a mixed-use hotel with some residential units. The five plans called for a total of 2,887 units.

The largest plans were for the above mentioned hotel, filed by the New York City Economic Development Corporation on October 15. The permit application called for the construction of a 1,041-unit, 589,842-square-foot mixed-use building at 495 11th Avenue, between 39th and 40th street, in Hell’s Kitchen, Manhattan. The building will have 683 hotel rooms and 358 apartments.

The plans have an estimated cost of $397.3 million and have been in the works for a number of years now and call for the construction of the second most dwelling units in the entire city so far this year. Gene Kaufman Architect will be responsible for the architecture.

Taconic Partners were behind the second largest plans, pre-filed on October 21. The plans called for the construction of a 140-foot-tall, 14-story, 470-unit, 575,721-square-foot mixed-use building at 407 West 206th Street in Inwood, Manhattan.

According to an analysis of NYC DOB filings by PincusCo Media, the plans called for the construction of the most residential units in Inwood since the start of 2019. The building will also have business and retail space.

The third largest plans of the month were filed by Vornado Realty Trust, on October 19. The plans called for the construction of a 330-foot-tall, 32-story, 573-unit, 540,790-square-foot mixed-use building at 61-10 Junction Boulevard in Rego Park, Queens.

The building, which has an estimated job cost of $288 million, will be directly across the street from The Alexander at Rego Center, a 24-story, 314-unit tower Vornado completed in 2015. The building will have a supermarket, retail space, and community space. Amenities include a game room, kid’s room, club room, library, office, fitness room, and a swimming pool.

The fourth largest plans of the month were filed by BEB Capital on October 19. The permit application called for the construction of a 425-unit, 397,252-square-foot mixed-use building at 1065 Atlantic Avenue in Bedford-Stuyvesant, Brooklyn.

According to an analysis of new building plans filed with the NYC DOB, these plans called for the construction of the most dwelling units in Bedford-Stuyvesant in at least the last 10 years. A representative with the development confirmed with PincusCo that BEB Capital is working alongside Brooklyn-based developer Totem to construct the project.

Rounding out the top five are plans filed by Park Tower Group on October 26. The permit application called for the construction of a 378-unit, 365,651-square-foot mixed-use building at 16 Dupont Street in Greenpoint, Brooklyn.

The project is part of Greenpoint Landing, a 22-acre development site that stretches for roughly half of a mile along Brooklyn’s waterfront.

Park Tower Group is developing a total of 2,000 units across four development sites at Greenpoint Landing. The project is part of a joint venture with Brookfield Properties.

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