These were the 10 biggest new real estate projects of 2018

All of the largest projects filed in New York this year were residential

TRD New York /
Dec.December 19, 2018 07:00 AM

Clockwise from left: 601 West 29th Street, a rendering of Rendering of 18 India Street, 18 6th Avenue in Brooklyn, and 3875 9th Avenue (Credit: iStock)

Over the past three years, residential buildings have taken up an increasingly large share of new projects in New York City.

While they made up less than half of 2016’s top 10 list, residential projects accounted for all of the top 10 real estate projects filed in 2018.

As residential filings continued a three-year rise with more than 28 million square feet proposed, non-residential filings slid to a seven-year low with just under 12 million square feet, according to an analysis by The Real Deal. For the first time since 2011, no new building jobs with more than 1 million square feet were filed this year.

(Source: New York City Department of Buildings Job Filings, data.cityofnewyork.us)

Much like last year, outer-borough projects dominated this year’s list, with six of the top 10 located in Brooklyn or Queens, including No. 1: a 810-unit rental tower near Barclays Center.

Here are the top 10 biggest projects proposed this year, ranked by square footage:

1) 18 Sixth Avenue, Brooklyn
The tallest building at Greenland USA’s Pacific Park megadevelopment will break ground in early 2019. After ditching plans to develop an office building on the site, the developer considered a condo/rental mix before deciding to go rental for all 810 units at the 49-story, 779,000-square foot tower. Greenland USA, a subsidiary of Shanghai-based Greenland Group, is facing a state-mandated 2025 deadline to complete 2,250 affordable apartments at the development, and the remainder of the project could take until 2035 to complete.

2) 601 West 29th Street, Manhattan
Douglaston Development is planning to bring two apartment towers to a block between West 29th and 30th Streets south of Hudson Yards. Plans for the larger of the two, a 58-story, 703,000-square foot project at 601 West 29th Street, were filed in September, while plans for the second tower have yet to be filed. Douglaston signed a 99-year ground lease for the development site in November, which was valued at $129.7 million.

3) 18 India Street, Brooklyn
Brooklyn-based developer RedSky Capital is bringing a 40-story residential tower to the borough’s waterfront in a joint venture with JZ Capital Partners. The project, which will contain 470 residential units, has a unique layout with different components layered on top of each other in a perpendicular fashion. The 640,000-square foot project will also include 100,000 square feet of retail space.

4) 3875 Ninth Avenue, Manhattan
Shortly after City Council voted to rezone Inwood this August, Jorge Madruga’s Maddd Equities filed plans to bring a 30-story, 614-unit mixed-use project to the neighborhood. The building will span 600,000 square feet, including more than 65,000 square feet of commercial space.

5) 2926 West 19th Street, Brooklyn
L+M Development Partners filed plans for a 16-story, 446-unit residential project in Coney Island this March. The 425,000-square feet project is designed by Handel Architects. Founded in 1984, L+M specializes in developing affordable housing with a focus on community development

6) 147-07 94th Avenue, Queens
Artimus Construction and Phoenix Realty are bringing a 24-story, 522-unit mixed-use development to Jamaica. GF55 Architects is designing the 420,000-square foot project, which will include 16,133 square feet of commercial space.

7) 551 West 38th Street, Manhattan
Rockrose Development filed plans this September for a 600-unit residential tower, the first phase of its 1.6 million-square-foot master plan for Hudson Yards. Architect Pelli Clarke Pelli is designing the 51-story, 400,000-square foot rental tower in the shape of “trunks of a tree that have split.”

8) 52-41 Center Boulevard, Queens
Early 2018 saw TF Cornerstone file plans for the second tower at its Hunter’s Point South complex. The 46-story, 394-unit building will span 383,000 square feet, including 8,000 square feet of community space.

9) 10-12 West 57th Street, Manhattan
After years of assembling sites and wrangling with tenants in court, Sheldon Solow’s Solow Realty filed plans for a 52-story, 80-unit skyscraper on Billionaire’s Row this April. The last holdout at the site, an antique store which plead guilty to illegally selling $4.5 million in elephant ivory, “quietly vanished” in November. The new development is expected span 383,000 square feet, including 180,400 square feet of retail.

10) 894 Fountain Avenue, Brooklyn
Arker Companies’ filed plans for this mixed-use project in East New York this January. The nine-story, 364,000-square-foot project will contain 422 residential units, and is being designed by Aufgang Architects.

 


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