In the last 12 months there have been over $12 billion of alteration plans (A2) filed in the city. PincusCo analyzed nearly 50,000 alteration jobs to get an idea of which buildings have had the most work done, in terms of dollar value over that period.
The analysis looked at all Alteration plans with an initial cost of $20,000 or higher filed between June 9, of 2021 and June 8, of 2022.
(Two alteration plans were removed from the analysis due to PincusCo being unable to verify if their initial cost was accurate. The plans had job numbers S00549493 and M00514783. Additionally, plans filed by the NYC Department of Environmental Protection were not included in the analysis.)
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During that time frame, there were over 80 plans for jobs with initial costs greater than $10 million. Those plans totaled nearly $2 billion.
There were 10 alteration plans calling for $217,286,924 of work filed at 210 Joralemon Street, Brooklyn, by the Department of Citywide Administrative Services. The plans had the highest combined dollar value at any building looked at in the analysis. The projects were related to the relocation of Brooklyn’s Housing Court to the building.
Last year the building’s name was changed to Justice Ruth Bader Ginsberg Municipal Building, to honor the late Supreme Court jurist. The city forecasted in 2016 the budget for the project to be $81 million. However, according to public data from the city, the budget has risen to $252 million. The project is expected to be completed in August of 2024.
The next highest dollar value came from 10 jobs filed by the New York Public Library, which totaled $214,125,430 of work, at 476 5th Avenue, Manhattan. The projects are part of the library’s long-anticipated plans to revamp the branch.
Next, 25 plans, calling for $147,701,764, were filed at the Related Companies’ 415 Tenth Avenue, known as 50 Hudson Yards, in Hudson Yards. Many of the plans were filed by Facebook, which in 2019 confirmed they would be leasing more than 1.5 million square feet of office space across 30 floors and three buildings at Hudson Yards: 1.2 million square feet in 50 Hudson Yards; 265,000 square feet in 30 Hudson Yards; and 57,000 square feet in 55 Hudson Yards.
The building with the fourth most work done, in terms of dollar value, was 550 Washington Street, Manhattan, where 66 plans were filed for $136,028,877 of work. The building, known as the St. John’s Terminal, was acquired by Google from Oxford Properties Group and the Canadian Pension Plan Investment Board for nearly $2 billion earlier this year. While many of the plans were filed by the previous owners, the vast majority of them were filed as part of the redevelopment of St. John’s Terminal as part of Google’s Hudson Square campus.
Rounding out the top five are 41 plans for $122,183,625 of work filed at Amazon’s 424 Fifth Avenue, Manhattan. Amazon acquired the building for $978.1 million from WeWork’s ARK Capital Advisors in March of 2020. The New York Post and others reported the sale price as $1.15 billion, composed of a $750 million construction loan and $350 million in equity. The $978.1 million figure was the amount reported on city transfer records.