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A Rise in Condo Developments

Real Estate Developments

Queens is seeing a healthy rise of condominium developments in 2018. Since the beginning of the year, 37 condo plans have been filed in Queens, which is greater than the amount filed for the all of 2016 and 2017. In May alone, 12 condo plans were filed, which broke records dating back to 2008. A majority of the plans filed last month are in Long Island City, and others were filed in Hunters Point and Astoria. Other booming areas for condo development in Queens include Flushing and Corona.[1]

Salm Properties is currently developing 8 condo buildings in Long Island City, 6 of which will contain 6 units per building. Long Island City is a popular destination for New Yorkers who work in Manhattan but are looking for larger spaces at more affordable prices in smaller communities. Developers Danzig Realty have taken on the “largest single Queens condo”[2] and filed plans last month. The 5 floor, 18,346 square-feet development will be located at 23-43 31st Road in Astoria and consist of a total of 25 units. Queens has had a much lower rate of condo plan filings compared to Manhattan and Brooklyn, specifically since 2008.[3] However, the upswing in the real estate market is keeping developers optimistic and eager to continue to create and construct more residential spaces.

Brooklyn has also seen a rise in condo development, which it has not experienced since 2007. Since January of this year, there have been 3 months where over 500 condo plans were filed. Brooklyn is known for typically developing smaller condo buildings, with an average of 12 units, however, recently plans have been filed for condos with space for hundreds of units. This steady growth is a positive sign for the housing market, particularly as New Yorkers branch out of Manhattan. The value of these developments have hit record highs, which the market has not seen since 2007. The Real Deal reports that “[d]evelopers filed plans for 62 projects with 1,089 units worth a total of about $1.18 billion during the first quarter of this year”.[4]

One of the largest projects will be One Clinton Condominium at 280 Cadman Plaza West, which will include 133-units valuing at $478 million in total.[5] Hudson Companies, a private real estate development company, is transforming the Brooklyn Public Library into a “new 26,620 square foot library, a 36-story tower with 133 condominium units, two retail spaces on Clinton Street, and a 9,000 square foot STEM lab to be operated by the NYC Department of Education.”[6] Hudson Companies originally purchased the site from the City for $52 million.[7] Another large development on the horizon for Brooklyn is 2 River Park Condominium, located at 91 Pacific Street, headed by Fortis Property Group. The 440 foot tall, 103 unit condo plans to receive approximately $221 million in sales.[8]


 

[1] Sun, K. (June 26, 2018) “Developers Are Buildings Queens Condos Like It’s 2008.” The Real Deal. Available at: https://therealdeal.com/2018/06/26/developers-are-building-queens-condos-like-its-2008/. Accessed on June 27, 2018.

[2] Ib.

[3] Ib.

[4] Small, E. (April 19, 2018) “Brooklyn Condo Sellouts Reach Highest Value Since 2007.” The Real Deal. Available at: https://therealdeal.com/2018/04/19/brooklyn-condo-sellouts-reach-highest-value-since-2007/. Accessed on June 27, 2018.

[5] Ib.

[6] Hudson Companies Incorporated. “280 Cadman Plaza West.” Hudson Companies. Available at: http://hudsoninc.com/280-cadman/. Accessed on June 27, 2018.

[7] Ib.

[8] Op. Cit. n. 2.

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