For the last year or so, the industry has experienced a gradual slowdown in New York’s residential sales market. But on the development side, residential construction still dominated the headlines and skyline in 2018, albeit at a smaller scale than in earlier years this cycle.
The top 10 largest planned projects in the city — by square footage — were all residential, according to an analysis by The Real Deal. The biggest new building for which permits were filed last year was Greenland USA’s 18 6th Avenue in Brooklyn. The 779,000-square-foot rental tower will be the tallest to rise in the Pacific Park megadevelopment. Douglaston Development’s 601 West 29th Street in Manhattan, a rental tower with 739,000 square feet, was the second-largest new project of the year.
Unsurprisingly, Related Companies and Brookfield Property Partners were, respectively, the two most active developers in 2018, due mostly to Hudson Yards and Manhattan West. SLCE Architects was the most active architecture firm by square footage designed.
In 2018, more than 28 million square feet of residential space was proposed, while there were just under 12 million square feet of non-residential filings, marking a seven-year low. But even though the largest projects proposed were residential, the scale of planned development shrank in 2018. For the first time since 2011, no new building jobs with more than 1 million square feet were filed.
In this year’s Data Book, there are nearly two dozen development rankings recapping 2018, including breakdowns of the top developments by borough, most valuable new condo projects on the market, tallest buildings under construction, top general contractors, top architecture firms, most active developers and much more.