Completed construction surpassing even pre-recession levels: TRD analysis

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

TRD 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
TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

Triplemint expands to New Jersey

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The complaint claims that union officials discouraged him from investigating certain cases (Credit: iStock)

Whistleblower lawsuit accuses carpenters’ union of brushing off claims of corruption, fraud

California passes landmark rent control law

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

arrow_forward_ios