What development projects are on the horizon for New York City? New buildings are going up all around the city. Despite the influx of residential and office buildings, developers are continuing to invest in future New York real estate.
The Real Deal put together a list of the top ten real estate projects coming to New York City for 2018.[1] In first place is the Richman Group’s East Harlem nineteen story building, located at 201 East 125th Street. The space will include 404 residential units (roughly 421,000 square feet), along with 61,000 square feet for commercial use and 491 square feet for the community.[2] Who are the architects for the biggest NYC real estate development of 2018? S9 Architects, who are also the architects for the New York Wheel on Staten Island[3] and Dock 72. Brooklyn (awarded for excellence in design),[4] which are both currently under construction.
Staying true to the trend of luxury properties, Uri Chaitchik of Casco Development’s twenty-story residential building landed fourth on the Real Deal’s list.[5] 540 West 21st Street, situated next to the High Line, is 172,000 square feet and will include 38 units, a swimming pool, space for art galleries and other commercial use. This new development not only has an ideal location with luxury amenities, but it will also become a prominent art attraction. The art dealer David Zwirner, known for his galleries in New York and London, is opening a new gallery in Casco’s new development, but in a “separate structure”.[6]
Last on the list is 531 Sixth Avenue in Greenwich Village. Gemini Investments, based in Hong Kong, purchased the single story building at 531 Sixth Avenue and its four-story neighbor at 539. The new residential development can expand to about 60,000 square feet (space mostly accumulated by air rights).[7]
Another development to look out for this year is the landmark protected Domino Sugar Refinery in Williamsburg, Brooklyn. Developer Two Trees Management and Practice for Architecture and Urbanism (PAU) are designing a large office complex with public space on the ground floor that will include shops and eateries. The design plans have repeatedly changed due to the building’s original design. For instance the level of the windows did not line up with the floors of the office spaces. “The 19th century structure becomes a freestanding ruin, its unglassed windows resembling the stacked arches of an ancient Roman aqueduct.”[8] PAU’s remedy? A “rectangular glass building topped by a barrel vault, which sits within, but doesn’t touch the existing walls.”[9] Although this project may encounter future obstacles, the former refinery will finally be transformed into a functional landmark.
[1] Small, Eddie. (Jan. 8, 2018) “The Top 10 Biggest Real Estate Projects Coming to NYC.” The Real Deal. Available at: https://therealdeal.com/2018/01/08/the-top-10-biggest-real-estate-projects-coming-to-nyc-8/. Accessed on Jan. 10, 2018.
[2] Ib.
[3] S9 Architecture. (2018) “The New York Wheel.” Available at: http://s9architecture.com/the-new-york-wheel/. Accessed on Jan. 10, 2018.
[4] S9 Architecture. (2018) “Dock 72. Brooklyn.” Available at: http://s9architecture.com/work/#/dock-72/. Accessed on Jan. 10, 2018.
[5] Op. Cit. n1.
[6] Pogrebin, Robin. (Jan. 8, 2018) “A Mega-Dealer Expands: David Zwirner Plans a New Art Gallery.” New York Times. Available at: https://www.nytimes.com/2018/01/08/arts/design/david-zwirner-expands-in-chelsea.html. Accessed on Jan. 10, 2018.
[7] Putzier, Konrad. (June 3, 2016). “Hong Kong Company Pays $53M for Chelsea Development Site.” Available at: https://therealdeal.com/2016/06/03/hong-kong-company-pays-53m-for-chelsea-development-site/. Accessed on Jan. 10, 2018.
[8] Davidson, Justin. (Oct. 3, 2017) “New Plans for the Domino Sugar Complex, Revealed.” Available at: http://nymag.com/daily/intelligencer/2017/10/first-look-at-vishaan-chakrabartis-plan-for-domino-sugar.html?utm_source=tw&utm_medium=s3&utm_campaign=sharebutton-t. Accessed on Jan. 10, 2018.
[9] Ib.