By Atticus O’Brien-Pappalardo

Overview

• New development is highlighted by massive Two Bridges projects from CIM and Starrett
• Second most square feet of new construction filed for since the start of 2020
• Most dwelling units filed for since the start of 2020
• Residential development surges
• Office and hotel development continue to drop

Residential development

Q3 was the strongest quarter for both total square feet of planned new residential buildings and total number of planned residential dwelling units since the start of last year.

• Starrett Development files plans for 710-foot-tall, 62-story, 848,729-square-foot building with 1,021 dwelling units at 259 Clinton Street in Two Bridges
• CIM Group, L+M Development files plans for 1,313-unit, 1,274,276-square-foot building at 261 South Street in Two Bridges
• Vorea Group files plans for 125-foot-tall, 12-story, 443,449-square-foot mixed-use building at 2-33 50th Avenue in Long Island City
• Lendlease files plans for a 145-foot tall, 14-story, 437,596-square-foot mixed-use building with 477 dwelling units at 1 Java Street in Greenpoint

Office development

Office development fell dramatically in Q3, the only two significant plans with a proposed occupancy of (B – Business) were for two buildings with health care office space.

• Natalya Zagranichny files plans 24,676-square-foot community building with office space at 23 Brighton 11th Street in Brighton Beach
• Aaron Lebovits files plans for 22,431-square-foot community facility building at 218 Hamilton Avenue in Red Hook

Hotel development

Hotel development plummeted in Q3 after skyrocketing in Q2. There were only plans for one hotel (R-1) building filed in Q3.

• Mason Chen files plans for 82,365-square-foot mixed-use building with 92 hotel rooms and 22 apartments at 25-10 42nd Road in Long Island City

Demolitions

Demolition filings remained steady in Q3.

• McSam Hotel Group files demo plans for 34K sf garage ahead of 103-key hotel in Chinatown
• Rockefeller files demo for 119K sf Flushing parking lot with no NB plans
• Madison Capital files demo plans at Red Hook site with 315K buildable sf
• Hakimian files plans for Times Square demo, no NB plans yet

Alteration plans

• City files plans for $187.1M project to relocate Brooklyn’s Housing Court to Brooklyn Municipal Building
• GHC, Clarion file $37.9M plans which will add restaurants to former American Stock Exchange
• Vornado files plans for $35 million alteration that will demolish down to the ground floor the 101-year-old Hotel Pennsylvania at 401 Seventh Avenue in Penn Plaza

NOTE: Two alteration plans were removed from the analysis due to PincusCo being unable to verify if their initial cost was accurate. The plans had to job numbers S00549493 and M00514783