October new development review: Lightstone, W-G Capital, Arker

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

For the second straight month, the largest five plans called for new buildings in the outer boroughs. October’s five largest plans were all for residential buildings, which totaled over 1.2 million square feet of new construction and 1,372 dwelling units.

The plans for the largest new building of the month were pre-filed by the Lightstone Group on October 13. The plans called for construction of a 710-unit, 566,212-square-foot mixed-use building at 355 Exterior Street in Mott Haven, the Bronx. The two-tower building will occupy the development site which the developer purchased, along with 399 Exterior Street for $59 million in 2019. Plans to demolish the single-story building which currently occupies the property are currently awaiting permits.

The second largest plans of the month were pre-filed on October 14 by W-G Capital, calling for construction of a 210-unit, 300,000-square-foot mixed-use building at 145 Wolcott Street in Red Hook, Brooklyn. The 172-foot tall, 15-story structure will have office space, manufacturing spaces, an art gallery, and eating and drinking establishments, according to the plans. W-G Capital is a joint venture initiative of West Group and Greencourt Group.

The property, which W-G Capital acquired for $21.5 million on August 29, 2019, is currently occupied by an 80,000-square-foot warehouse. No plans have been filed yet to demolish the building.

The third largest plans were pre-filed by Arker Companies on October 19. The plans called for the construction of a 194-unit, 161,782-square-foot mixed-use building at 5123 Beach Channel Drive in Arverne, Queens. The building is the second filed out of an 11-building plan, known as Edgemere Commons, which Arker is developing with Northeast Brooklyn Housing Development Corporation. The first plans, calling for construction of a 257-unit, 220,478-square-foot mixed-use building at 51-19 Beach Channel Drive, were filed last month.

The 9.3 acre site will get roughly 2,200 new units when completed. The redevelopment aims to bring mixed-income housing, new retail space, and community resources to the neighborhood. The residential component will bring high-quality affordable and middle-income housing for families and seniors in the area. The community facilities and retail space will come in the form of more than 37,000-square-feet of publicly-accessible open space, local parking, and a new supermarket.

These first two filings are part of Phase 1 of the project, with an expected completion date sometime in 2023. However, the entire project will be completed over the next 10-15 years.

The fourth largest plans were pre-filed by the nonprofit supportive housing organization Community Access on October 5. The plans called for construction of a 154-unit, 109,563-square-foot residential building at 334 East 176th Street in Tremont, the Bronx. In August, the developer was given permits for the construction of a 245-unit, 201,136-square-foot mixed-use building at 1169 River Avenue, which is located just two miles south in Melrose.

Maxim Properties was behind the fifth largest plans of the month, which were pre-filed on October 1. The plans called for the construction of a 104-unit, 95,094-square-foot mixed-use building at 40-16 76th Street in Elmhurst.

The five plans came during a month in which NYC developers filed for just over 2.2 million square feet of new construction. The total was a 30 percent increase from the 1.5 million square feet of new construction filed for in September, and just under the 2.4 million filed for in August.

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 October climbed by 20 percent from the month prior, from 1,547 total units to 1,936 total units.

While October’s totals were a step up from September’s, a month in which developers filed for the fewest total square feet of new construction since July of 2019, they were still below the yearly averages. The total square feet of new construction filed for was 22 percent below the yearly average of 2.8 million, while the total number of residential units filed for was nearly 15 percent below the yearly total of 2,273 units.