New York City’s real estate market is as healthy as it’s ever been. Huge new projects are underway, catering to the insatiable demand for luxury real estate—and many more are in the pipeline. Here are five of the most active developers; one of the companies was recently founded while the other four have been buying and selling NYC real estate for decades.
Gary Barnett’s Extell, founded in 1989, filed permits for 1.95 million square feet at three residential projects from 2011–2014. And that doesn’t even include Extell’s highest-profile project, the architectural masterpiece, One57 (filed in 2009) designed by Pritzker-Prize winning architect Christian De Portzamparc. Projects include a 233-unit skyscraper at 217 West 57th Street, a super-tall mixed-use commercial/residential building. The first seven floors will be anchored by a Nordstrom (the first in the city); floors 8–12 will house a hotel; the remaining floors will be condos. Once completed, the tower will be the second tallest building in the city (and the country, for that matter) after One World Trade Center. Extell also has plans for a gigantic 594-unit rental building at 551 Tenth Avenue between 40th and 41st Streets, and it has filed plans to expand and convert 1010 Park Avenue to a 16-story, 17-unit condo with an outdoor recreation area, a private terrace, saunas, a playroom, and a gym.
Joseph Moinian ventured into real estate in 1982 after having founded the successful ladies’ apparel company Billy Jack for Her. Today, his company operates 20 million square feet of real estate holdings across the country (valued at more than $8 billion), including the newly opened W New York-Downtown Hotel & Residences at 123 Washington Street. The Moinian Group also has new residential, retail, and office projects in some of NYC’s newest desirable locations, such as Sky, the massive rental tower (the city’s largest) rising on 42nd Street between Eleventh Avenue and the West Side Highway. Also in the works is a mixed-use development in the dynamic new Hudson Yards, the $20 billion mega-project that will comprise 16 skyscrapers at the site of the West Side rail yard in the West 30s. With its solar-generated power, 3 Hudson Boulevard will be an icon of green architecture for the 21st Century.
JDS, founded by 34-year-old Michael Stern, is another developer with a super-tower project in the works on 57th Street. In partnership with Kevin P. Maloney’s PMG, they’re currently constructing an ultra-skinny, 1,350-foot hotel and condominium at 111 57th Street. Designed by SHoP Architects, the skyscraper “disappears into the sky” with setbacks that thin out as the tower rises. Once completed, it will be another one of the tallest residential towers in the world. The partnership is also converting a building formerly owned by Verizon at 435 West 50th Street into a 51-unit condo. JDS, on its own, has also filed plans to construct a nearly 800-unit rental building at 626 First Avenue.
Formed 40 years ago, Related has developments all over the city: in Chelsea, Tribeca, and the Upper East Side. They include a 36-story tower at 203 East 92nd Street, where the upper floors will contain 308 residences, and 261 Hudson Street, a 220-unit residential rental development. Also, there’s the innovative High-Line adjacent 520 West 28th Street, designed by another Pritzker Prize-winning architect, Zaha Hadid. The real estate giant has staked a huge claim in the new Hudson Yards, and has broken ground on a slimline 70-story skyscraper at 15 Hudson Yards, the first of several residential towers. Slated for completion in 2018, the cylindrical-shaped, 960,000-square-foot building, designed by Diller Scofidio + Renfro and Rockwell Group, will stand 910 feet tall and have approximately 385 homes, some rentals and some condos. Adjacent to the High Line, it will connect to the Culture Shed, the new performance venue that will host Fashion Week.
Bruce Eichner’s Continuum Company has reemerged from some real-estate lows, having surrendered properties to creditors in the ‘90s. The firm had a successful track record of developing complex, multi-phased projects in NYC and Florida, including the city’s first time-share resort, the Manhattan Club, which opened in 1997. In 2013 alone, Continuum filed permit applications for 1.06 million square feet of residential development, including what’s slated to become Harlem’s tallest residential project, 1800 Park Avenue, designed by ODA. Once complete, the project’s two, 320-foot-tall buildings will total 690,000 square feet. Continuum also filed for an 80-unit condo at 41 East 22nd Street, near Related and HFZ’s almost-sold-out One Madison. According to reports, the 790-foot-high tower will have a 17-foot cantilever over the adjacent 33 West 22nd Street.
If you’d like more information about any of the projects mentioned here, please let me know.