The value of all construction starts in New York City jumped 11 percent last year from 2012 to $18.8 billion. The surge was fueled by a red-hot residential market and the development of three major bridges, according to a report.
The New York Building Congress analyzed McGraw-Hill Construction Dodge construction data from 2009 through 2013, and found that housing starts shot up 17 percent in value last year, from $5.3 billion in 2012 to $6.3 billion in 2013.
The three priciest residential projects of the year were Rose Associates’ conversion of the office tower at 70 Pine Street to a hotel and luxury rental apartments at $450 million; the development of the Greenwich Lane condominiums at $390 million; and the Durst Organization’s pyramid rental building at 625 West 57th Street.
The report also found construction starts for public works — roads, bridges and and the like — rocketed 82 percent to $4.3 billion, up from $2.3 billion in 2012. New York City’s bridge projects, including the Goethals replacement and work on the Bayonne in Staten Island and the Verrazano-Narrows, raised the value of construction starts by a combined $1.3 billion.
Meanwhile, nonresidential projects, like hotels, hospitals and office buildings, declined 10 percent from $9.3 billion in 2012 to $8.3 billion. [BuzzBuzzHome] – Angela Hunt