As New York’s real estate market bounced back from the pandemic, the city’s largest developers moved ahead with their next megaprojects.
While demand for warehouses has a pair of developers building a 1.2-million-square-foot industrial project in the Bronx on spec, others continued to file plans for residential high-rises as well, despite uncertainty over the long-term prospects of the city’s condo and rental markets. Steve Roth’s Vornado Realty Trust is planning a 573-unit residential tower in Queens, Steve Witkoff aims to build a 52-story mixed-use tower in Downtown Brooklyn and another project, currently for sale, would add 765 apartments to Lower Manhattan.
Below are more details on the five largest project plans filed in New York City this year:
Turnbridge Equities and Dune Real Estate’s massive industrial project in the South Bronx
A joint venture between Turnbridge Equities, led by Andrew Joblon and Ryan Nelson, and Dune Real Estate filed for the largest project in New York City this year. The venture plans to build a 1.2 million-square-foot industrial development on East 149th Street in Port Morris, which will include about 879,000 square feet of warehouse space. The remainder will be used for parking. The foundation has already started and construction is expected to be completed in the second quarter of 2023, according to Nelson. The developers are building on spec, meaning they have no existing tenant in place. In September, they secured $381 million in financing from KKR.
Vornado’s mixed-use tower in Rego Park
Steve Roth’s real estate powerhouse, Vornado Realty Trust, aims to construct a 32-story mixed-use building in Rego Park, Queens, submitting plans in October. The proposed tower would include 573 residential units along with 61,000 square feet of commercial space. The tower would total 824,000 square feet. Slice Architects is the architect of record. The planned site would rise just down the block from another Vornado project: the Alexander, a 27-story luxury apartment building atop the Rego Center shopping mall.
Radson Development’s affordable high-rise near the Javits Center
Radson Development plans to build a 794,000 square-foot, mixed-use building at 495 Eleventh Avenue in Hell’s Kitchen, consisting of two connected residential towers. One will rise 55 stories and contain 683 hotel units, while the other will total 56 stories, with 358 affordable housing units. The site of a demolished slaughterhouse, the property has spent the last few decades as a parking lot used by the NYPD. The building will incorporate vehicle storage space for the NYPD, as well as 8,900 square feet of office space. Gene Kaufman is listed as the architect of record.
Witkoff’s 52-story tower in Downtown Brooklyn
Witkoff Group filed an application to build a mixed-use building with 590 residential units and more than 37,000 square feet of commercial space. The parcel centered on 589 Fulton Street was assembled by RedSky Capital and JZ Capital, who began acquiring the properties in 2012. Their $154.6 million loan went into default in March and the property was marketed for sale. Witkoff joined the project, initially in an advisory capacity, late last year. Permits were filed in August.
Starrett’s 765-unit resi tower in Two Bridges
Starrett Corp. filed plans to build a 61-story tower with 765 apartments at 259 Clinton Street in Lower Manhattan. But the company has since put the site on the market, The Real Deal reported in November. Starrett filed plans to have parts of the foundation in place by the spring in order qualify for the 421-a tax break before it expires June 15. More than 2,700 apartment units are planned across a trio of developments in the Two Bridges neighborhood, all of which survived a vigorously contested legal challenge in May.