Top Five NYC Real Estate Projects Proposed for 2017 Development

January 13, 2017
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The Real Deal recently compiled a list of the largest construction projects planned for New York City in 2017 based on rankings filed with the Department of Buildings last year.  Two massive Hudson Yards towers topped the list.  The first is 50 Hudson Yards, a 2.9 million-square-foot, 62 story office tower designed by Norman Foster which will be the second-tallest tower that Related Companies has planned for the neighborhood. 

Photo Credit: Damian Brandon / FreeDigitalPhotos.net

Photo Credit: Damian Brandon / FreeDigitalPhotos.net

 

Described by some as the tale of two towers because these projects were rivals as the biggest proposed last year, the second largest project is the Bjarke Ingels-designed “the Spiral,” a 65-story office tower located at 66 Hudson Boulevard being developed by Tishman Speyer.  Seeking a new home for its Manhattan headquarters, financial giant BlackRock negotiated with both Related and Tishman for space in their respective towers.  Read on to see who closed the deal.

Here are the top five largest projects planned for development this year.

  1. 50 Hudson Yards, Manhattan- This 2.9 million-square-foot tower located at 415 Tenth Avenue has already secured anchor tenant, BlackRock financial giant.  The financial behemoth vacillated between Tishman’s Speyer’s “the Sprial” and 50 Hudson Yards, ultimately choosing Related’s property.  The tower should be complete in 2022 when BlackRock will begin occupancy of 850,000 square feet across 15 floors.
  2. 509 West 34th Street, Manhattan- Tishman Speyer purchased parcels that make up 509 West 34th Street in 2014 for $438 million.  Known as 66 Hudson Boulevard, “the spiral” tower is expected to rise 1,005 feet and span 2.2 million square feet—or more as marketing collateral cites 2.85 million square feet.  The building is expected to open near the end of 2019.
  3. 566 and 586 Gulf Avenue, Staten Island- Permit applications were filed by Texas-bases Staten Island Marine Development for two massive warehouses—one at 450,000 square feet and the other at 970,000 square feet for 566 and 586 Gulf Avenue respectively.  The entire site is 676 acres of which 330 acres will be developed into an industrial, logistics and warehouse complex that will surround a marine terminal. 
  4. 28-07 Jackson Avenue, Queens- Another project on Tishman’s roster, two office buildings in Long Island will together span 1.1 million square feet, and join another Tishman property known as Two Gotham Center.  Called One and Three Gotham Center, the buildings are expected to rise 27 stories each and will share a four-story base with 30,000 square feet allocated for retail according to New York YIMBY.  Bloomingdales has already pre-leased 550,000 square feet.
  5. 23-03 44th Road, Queens- The Stawski Partners filed plans for a 842,664-square-foot mixed-use building in Long Island City.  The proposed project will be a 66-story tower including 923 residential units across 85,211 square feet and another 17,453 square feet of commercial space. 

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