search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseHow Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and wonLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Development
New York

NYC saw 42M sf of new development last year

The total was a 36% increase from 2017

One Manhattan Square, 70 Vestry and 30 Hudson Yards
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.

Sign Up for the undefined Newsletter

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

Tags
DevelopmentExtell DevelopmentMatrix Development GroupRelated Companies