June 2022 » Market Analysis » NY New Developments

June 2022 New York New Developments

Major Developments:

689 new building permits were filed in the first quarter, an increase of 69.3% from a year ago. The number of building filings represented the highest volume for a quarter since 2014. Roughly 23.3 million square feet is planned, 300% higher than the first quarter of 2021. The amount of residential units, slightly more than 20,000, is up more than 500% year-over-year.

The planned square footage is down 25.6% from the fourth quarter and planned residential units were down by 4,000 units.

Eric Adams said the DOB should “roll out the red carpet” for building professionals. The mayor, who recently named former City Council member Eric Ulrich as commissioner of the agency.

Mayor Eric Adams will soon tap a new chair for the Board of Standards and Appeals in one of his final real estate–related appointments since taking office. The administration is considering city planner Shampa Chanda as the chair of the agency. The selection is not set in stone and would ultimately need approval from the City Council.

HNA owes SL Green REIT $185 million at 245 Park Avenue. Form the investment SL Green made at the skyscraper, as well as fees. SL Green invested $148 million in the building in 2018 when it came on as property manager of the office tower.

The AR Global Investments-managed REIT has been in breach of covenants on more than $200 million of debt at four of its New York properties in the past year. Financial difficulties” of tenants and early lease expirations for the breaches at four properties: 9 Times Square, 1140 Sixth Avenue, 400 East 67th Street/200 Riverside Boulevard and 8713 Fifth Avenue

The Renwick Hotel at 118 East 40th Street has arisen after its new owner reportedly bought the building at a “substantial discount”. Capstone Equities reopened the hotel at 118 East 40th Street. The hotel is operated by Rebel Hospitality.

Madison Realty Capital’s Zach Kadden with 364 Bay Street is putting up 100 studios and one-bedroom apartments on Staten Island and has filed plans for a seven-story mixed-use building at 364 Bay Street in Tompkinsville. The property houses a two-story commercial building, where Crunch Fitness is a tenant.

Vanke’s “Selene,” the 63-story tower at the corner of 53rd Street and Lexington Avenue, had sold just 28 of its 94 apartments since 2019. They have substantially lowered prices to sell units. The 6,800-square-foot penthouse, which was asking $65 million, is now $35 million. The 10th-floor, 6,600-square-foot “garden mansion” with a 5,300-square-foot terrace is now $20 million, down from nearly $30 million. A two-bedroom, two-and-half bath apartment on the 27th floor sold in January for $2,100 per square foot. An identical unit one flight up had fetched $2,675 per square foot in 2019, and a 42nd-floor unit that year sold for a building-best $3,300 per square foot.

Innovo Property Group’s $855 million deal to purchase the HSBC tower in Midtown could come apart at 452 Fifth Avenue from Property and Building Corporation.

SoftStone Development Group filed permits to convert the four-story building at 75 Essex Street on the Lower East Side to a 14-story mixed-use building. The converted building would stand 162 feet tall with 27,000 square feet, split between residential and commercial space.

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