The Real Deal New York

NYC saw 42M sf of new development last year

The total was a 36% increase from 2017
February 01, 2019 05:00PM

One Manhattan Square, 70 Vestry and 30 Hudson Yards

Developers in New York opened 42 million square feet of new construction buildings last year.

This marked a 36 percent increase compared to 2017, according to PincusCo. The developers Related Companies, Matrix Development Group and Extell Development accounted for almost a quarter of the total with 10.4 million square feet across 16 buildings in Manhattan, Queens and Staten Island.

Most of the new construction—about 28 million square feet—was residential. There were 1,954 projects completed overall last year, which added more than 30,000 new units to the city.

Brooklyn had the most with 9,482 new units, followed by Manhattan with 8,488, Queens with 6,302, the Bronx with 4,781 and Staten Island with 174.

Related developed the most overall space with about 5.35 million square feet across eight buildings. The largest was 30 Hudson Yards, which spanned more than 3 million square feet. [PincusCo]Eddie Small