Completed construction surpassing even pre-recession levels: TRD analysis

More than 9M sf completed in Q2 is the most of any quarter this decade

New York /
Aug.August 06, 2018 08:00 AM

The first quarter tends to be a slow one for construction in New York City, and the first quarter of this year was no different – just 5.3 million square feet of new construction projects were completed from January through March, the least since any quarter since 2015. But bounced back in a big way, however, breaking the 9 million mark for the first time this decade, thanks to strong showings in Queens and Manhattan.

An analysis by The Real Deal found that 477 new construction projects received their first temporary Certificates of Occupancy (TCOs) in Q2, including 23 projects with floor areas of more than 100 thousand square feet, an all-time high.

Of course, much of this newly-completed construction consisted of residential buildings, which totaled more than 8,200 units and 7.8 million square feet citywide, the largest single-quarter amounts on record, surpassing even pre-recession levels.

Brooklyn had a relatively quiet second quarter, with just 1.3 million residential square feet reaching completion, but a strong three months for Manhattan (2.5 million) as well as all-time highs for Queens (2.8 million) and the Bronx (over 1 million for the first time ever) more than made up the difference.

The largest of the second quarter’s newly-completed buildings was TF Cornerstone’s 1,028-unit project at 606 West 57th Street, billed as “Manhattan’s second-largest residential building” and adding nearly 1 million square feet on its own.

In Long Island City, a cluster of five large projects within a two-block radius of Queens Plaza contributed another 2.2 million square feet. These include buildings 2 and 3 of Tishman Speyer’s Jackson Park apartment complex (building 1 was completed in March) and Rockrose’s Eagle Lofts.

Two major new hotels were also completing during the last quarter: Chetrit Group’s 234-unit M500 Hotel in Williamsburg, and a new AC Hotel by Marriott in Times Square, with 290 units.

Additionally, the New York Presbyterian Hospital’s 740,000-square-foot expansion on the Upper East Side was the largest non-residential project to wrap up in the second quarter.


Related Articles

arrow_forward_ios
Towns and cities have begun restricting housing construction to save their supply of H2O. (iStock)
“Why are we building houses if we don’t have enough water?”: Towns react to scarcity
“Why are we building houses if we don’t have enough water?”: Towns react to scarcity
John Catsimatidis and 670 Pacific Street (Getty, StreetEasy)
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Robert Herjavec and One57 (Getty, Beyond My Ken/Wikimedia)
Robert Herjavec buys One57 condo at $13M discount
Robert Herjavec buys One57 condo at $13M discount
Realtors no longer heart “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
1 Swan Landing
5 Gatsby-esque homes fit for the Roaring 2020s
5 Gatsby-esque homes fit for the Roaring 2020s
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
Housing investors took advantage of a hot market, collectively purchasing the group’s most homes in a quarter since 2000. (iStock)
Housing investors went on spending spree in second quarter
Housing investors went on spending spree in second quarter
Fires raging in the western United States are beginning to have a negative impact on lumber output. (Getty)
Raging wildfires threaten lumber market, home builders’ costs
Raging wildfires threaten lumber market, home builders’ costs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...