The Real Deal New York

New York City no longer No. 1 in new construction

Despite $23B worth of projects commenced this year, NYC knocked off its perch

November 11, 2014 02:50PM

From left: new construction in New York and a rendering of the Nordstrom Tower

From left: new construction in New York and a rendering of the Nordstrom Tower

New York: if you can make it there, you can make it anywhere. But, apparently, they’re making more in Texas.

After topping the list of metro areas with the most construction for two years in a row, New York has been dethroned by Houston, according to Forbes. In the first nine months of 2014, a total of $23.3 billion in new construction was started in New York, about a third more than the same period the year before. But Houston saw $25.1 billion worth of new construction.

Two big healthcare-related projects, about $800 million each, contributed to New York’s total. One was the Helen L. and Martin S. Kimmel Pavilion Clinical Medical Facility at NYU. The other was the David H. Koch Ambulatory Care Center at New York-Presbyterian Hospital on the Upper East side.

The tally for construction commenced in New York this year was also boosted by the boom in residential building, such as Extell Development’s Nordstrom Tower, which will be cost roughly $718 million to build. Dallas ranked third on the list of new construction in metro areas. [Forbes] — Claire Moses

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