The Real Deal New York

The top 10 biggest real estate projects coming to NYC

JEMB Realty’s project at 420 Albee Square in Downtown Brooklyn topped the list
By Eddie Small | October 05, 2017 07:00AM

Clockwise from left: 970 Kelly Street in the Bronx, Rendering of 2601 Veterans Road West in Staten Island, 420 Albee Square and 1125 Whitlock Avenue (Credit: Google Maps, KPF and DCP)

JEMB Realty may have dramatically scaled down its plans for a tower at 420 Albee Square, but the Downtown Brooklyn development still topped the list of biggest real estate projects filed with the city last month.

The company is planning a 37-story office tower that would include a 300-seat school. New schools planned for Cypress Hills and Long Island City made the list as well, as did multiple residential projects coming to the Bronx. The only Manhattan project to make the list was a hotel in Chelsea from Sam Chang, while the sole Staten Island project was a self-storage facility from Equator Capital Management.

The full list of September’s top 10 biggest real estate projects is below:

1) 420 Albee Square, Brooklyn

JEMB Realty is planning to bring a 37-story building to the heart of Downtown Brooklyn. The tower would span about 385,000 square feet and contain office and commercial space, including a 300-seat school on the first six floors. FXFOWLE Architects is designing the project, and JEMB received a $56.5 million loan for it from the French bank Natixis in July.

JEMB, led by Morris Bailey and Joseph Jerome, originally planned for the tower to be significantly higher but scaled down the proposed height from 65 stories to 35 stories in March 2015.

2) 1001 Whitlock Avenue, Bronx

The Ader Group, a real estate investment firm based in Monsey, plans to turn this former Bronx parking facility into an affordable housing complex with hundreds of units.

The company filed plans for the first of two buildings that will make up the complex in September. This building would be roughly 210,000 square feet and include 243 units and approximately 9,000 square feet of space for a community facility. The whole project will ultimately span 473,000 square feet and include 474 residential units, along with about 15,000 square feet of retail space and a parking garage for 69 cars.

The first building should be done in 2019, while the second should be done in 2021.

3) 140-142 West 24th Street, Manhattan

Prolific hotel developer Sam Chang is planning yet another hotel on West 24th Street in Chelsea. This one will rise 45 stories and span about 143,000 square feet. Architect Gene Kaufman will design the building, which will contain 508 rooms.

Chang has several hotels located throughout the city, including a Holiday Inn at Times Square and a Hyatt Place that is under construction in the Garment District.

4) 2601 Veterans Road West, Staten Island

Private equity firm Equator Capital Management signed a $70 million 99-year lease for this site in August, and it plans to construct a self-storage building on the land that spans about 138,000 square feet and stands four stories tall. Architect Frank Relf will design the project.

5) 975 Tiffany Street, Bronx

Property Resources Corporation filed plans last month for an eight-story residential building spanning about 131,000 square feet in Longwood. Architect Peter Clements will design the building, which will be mixed-income and have 161 apartments. Property Resources also has Bronx projects at 1000 Fox Street and 960 Simpson Street.

6) 76 Dinsmore Place, Brooklyn

New York’s School Construction Authority has filed plans to build a roughly 117,000-square-foot school in Cypress Hills. The school will be five stories tall, and architecture firm Perkins Eastman will design it.

7) 35-22 Parsons Boulevard, Queens

Another new mixed-use development is coming to Flushing thanks to developer Yu Liu. The Project On Parsons Boulevard will be seven stories tall and replace a one-story, 14,200-square-foot building that is currently on the property. Liu’s building will span about 96,000 square feet and contain 78 residential units spanning about 62,000 square feet. The building will also contain about 17,000 square feet each of commercial and community space and feature a school, a bank, retail and a parking lot with 95 cars. The commercial space will be on the first floor; the community space will be on the second floor; and the residential space will be on the third to seventh floors.

8) 45-19 Rockaway Beach Boulevard, Queens

The city’s Department of Housing Preservation and Development has filed plans for a new mixed-use Building On Rockaway Beach Boulevard that will be eight stories tall and contain 119 units. The project will span about 95,000 square feet and was filed on Sept. 7, the same day the City Council unanimously passed the Far Rockaway rezoning.

9) 40-11 28th Street, Queens

The School Construction Authority makes its second appearance on this list with the agency’s plans for a roughly 94,000-square-foot school at 40-11 28th Street in Long Island City. The four-story school will be known as the Academy of American Studies.

10) 37 West Street, Brooklyn

Rounding out the list for September is a high-rise building planned for the Brooklyn waterfront from Halcyon Management.  The company filed plans for a 14-story mixed-use building in Greenpoint that would span about 91,000 square feet. The building’s 92 residential units would take up about 87,000 square feet, and a community facility would occupy the rest of the space. Halcyon is also planning a 19-story building with 234 residential units next door at 27 West Street.