May 2022 » Market Analysis » NY New Developments

May 2022 New York New Developments

Major Developments:

Four Manhattan hotels sold that could reflect how far Hotel values have fallen. Sonesta International Hotels purchased the Benjamin, the Shelburne Hotel & Suites, the Gardens Suites Hotel and the Fifty Hotel & Suites from Denihan Hospitality Group.

Google’s campus on Pier 57 in Chelsea is a 630,000-square-foot space that contains three buildings for 450 employees and a two-acre publicly accessible rooftop park, along with a food hall and an outdoor screening area.

Blackstone’s agreed to buy American Campus Communities in a deal that values the student housing provider at $12.8 billion, including debt. ACC is the largest publicly

New York University filed a lawsuit in New York State Supreme Court. The school is looking to eliminate a provision that prevents college and university use in the Soho rezoning area.

Judge rules Donald Trump can keep running Ferry Point course Bronx golf course.

Witkoff, Blavatnik is set to resume XI condo project with a new contractor and is now expected to be completed in 2024, a luxury development at 76 11th Avenue. They bought it in a foreclosure sale for $900 million. Witkoff Group and Access Industries then secured financing to resume construction on the 900,000-square-foot development, where work had been paused since late 2019.

The Community Housing Improvement Program says 20,000 units sit vacant because of the 2019 rent law severely limiting the rent increases needed to fix them. An exodus of renters during the pandemic contributed to that total.

The Housing Stability and Tenant Protection Act nixed the 20% rent bump allowed when tenants vacate a rent-stabilized apartment, and curtailed rent increases to pay for renovations.

Since stabilized renters can hold on to below-market-rate units for decades, by the time they vacate it is often in bad shape. A basic renovation can cost $75,000 or $100,000.

KIPP NYC files plans for a 150K sf building at 75 Canal Street. Charter network KIPP NYC filed plans for a school at 75 Canal Street West in Mott Haven. The plans call for a 150,000-square-foot building, standing seven stories and 70 feet tall.

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