Ten Biggest Real Estate Projects Coming in NYC
New York City will be having ten enormous projects upcoming that will surely boost the real estate industry in the area. Mayor Bill de Blasio may still be a long way to reach his goal to create and preserve 200,000 affordable housing units by the year 2025, but in October, there are already affordable housing projects being started. Aside from that, there are also low-rise structures that have many permits being filed. But there are also ten projects that will stand tall in NYC as revealed by The Real Deal.
1. 1150 Sixth Avenue, Manhattan
A 310 room hotel that will rise at 38 stories will be designed by Ismael Leyva from the Morris Moinian’s Fortuna Realty Group. The structure spans over 138,000 square feet of space. The property, the Pan American Magazine Building, was purchased in 2012 for $39 million.
2. 1903 West Farms Road, Bronx
A 15-story, 184,000-square-foot rental building will be built by Monadnock Construction and designed by Dattner Architects near the Bronx River in West Farms. It will house 185 apartments in its 169,000 square feet spaces. Aside from that, it will also have 3,900 square feet retail space, and 11,000 square feet for a clinic and a community facility.
3. 22 Eckford Street, Brooklyn
A seven-story structure with 68-car enclosed parking garage will soon rise comprising of 135-unit, 153,000-square-foot rental building in Greenpoint from Heatherwood Communities. The property was bought by The Long Island-based Heatherwood for $16 million.
4. 412 West 126th Street, 418 West 126th Street, Manhattan
Two new structures were filed by Bo Jin Zhu for a nine-story hotel and a 16-story apartment building with 75 residential units within 59,000 square feet of space. In total, the two buildings will hold 65,000 square feet of commercial space.
5. 413 East 120th Street, Manhattan
On the East Harlem site, a 12-story, 172,000-square-foot affordable housing building will rise as developed by Acacia Networks that will be built for two years. Said structure is designed by Magnusson Architecture and Planning containing 164,000 square feet of residential space, 5,400 square feet of retail, and a 4,300-square-foot community facility.
6. 32 Claremont Avenue, Manhattan
Barnard College will soon be building an 118,000-square-foot facility that will include library, classrooms, labs, and a cafe that will be located between 116th and 119th streets. This will replace the school’s library, Lehman Hall which will be demolished this winter.
7. 145-01 101st Avenue, 97-46 146th Street, 97-34 Sutphin Boulevard, Queens
Three hotels with a total of 166,000-square-feet will be built in 146th and Waltham streets and 101st Avenue in Jamaica, which will be named Country Inns & Suites, La Quinta Inns & Suites and a Wyndham Garden. The threes hotel from Kaushik Patel will have 142 rooms, 108 rooms and 148 rooms.
8. 308 Mulberry Street, Manhattan
A structure to be designed by Rawlings Architects will rise at 12-story, 103,000-square-foot residential building with ground floor retail in Noho. The 58 unit structure is from Broad Street Development which brought the existing building on the site as well as the 298 Mulberry Street, for $178.5 million this year.
9. 3084 Webster Avenue, Bronx
In Northwood between East 202nd and East 203rd street, the Stagg Group will build an 11-story, 116-unit residential building that spans 116,000 square feet total. Aside from the residential spaces, it also has 4,000 square feet for retail. The site was purchased last year for $4.1 million.
10. 1040 St. John’s Place, Brooklyn
Soft Stone Development is planning a seven-story 122,000-square-foot mixed-use building in Crown Heights. It will house 122 apartments in 84,000 square feet of residential space. It also features a 29,000 square feet community facility. The site's owner is Affordable Housing Real Estate Corp. that brought it back in 2004 for $1.9 million.