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Multifamily developments continue to rise and drive a new wave of construction in NYC. Simply put, the city’s largest building plans are now slowly taking a turn towards becoming a reality.
Brooklyn is the site of four of the month’s 10 largest projects; three in the Bronx, two in Manhattan, and one in Queens. But when it comes to the total number of proposed units, Manhattan leads among the others and it is all because of one giant project in Lower Manhattan.
The top 10 building filings for September are listed below:
1. Manhattan’s 261 South Street
A partnership between CIM Group and L+M Development Partners intends to construct a 73-story residential project. The construction is on a lot near two bridges and two towers make up the proposed complex. The two towers will be joined at the base by a 14,500-square-foot community facility.
According to the developers, the complex’s actual unit count is 1,313, not 1,803 as stated in the file. This development is considered to be one of three neighborhood projects. But somehow the project was put on hold due to objections from the neighborhood groups and the City Council. They filed a lawsuit in 2019 stating the violation of the city’s land use.
Following a legal dispute that ended when the New York Court of Appeals declined to accept appeals from two neighborhood groups, the projects are now moving forward.
2. Brooklyn’s Ocean Parkway 11
In the outlying district of Windsor Terrace, JEMB Realty is planning a beautiful construction of a 13-story mixed-use structure. 375 residential apartments, 4,200 square feet of communal space, and 4,400 square feet of commercial space would be included in the proposed 396,000-square-foot construction.
3. Brooklyn, 15 Hanover Place
It’s a 34-story mixed-use structure. Lonicera Partners is a Brooklyn-based real estate development company that plans to construct this property in Downtown Brooklyn. 314 residential units and 12,000 square feet of commercial space are included in the projected 300,000-square-foot structure.
4. 737 Fourth Avenue, Brooklyn
The Long Island-based real estate development and investment company named BEB Capital has plans to construct a 14-story mixed-use structure in Sunset Park. Some activists objected to the proposed structure, which would have 185 residential units, 5,400 square feet of commercial space, and 750 square feet of community space. It was a partnership with Totem. BEB Capital purchased the property in 2018 for $7.15 million.
5. Queens, 85-03 68th Road
Prosper Property Group, a residential real estate developer with offices in Manhattan and 85-03 68th Road, Queens, submitted designs for a mixed-use, seven-story structure in Rego Park. 133 residential units and 650 square feet of commercial space would be included in the 150,000 square foot skyscraper.
According to the company’s website, a group of investors, including Prosper Property Group, purchased it for $5.3 million in 2019 for the construction of the multifamily building.
6. The Bronx, 586 Gerard Avenue
Plans for a nine-story mixed-use building in the South Bronx were submitted by the New Jersey-based Karten Organization. 197 residential apartments would be included in the 147,000 square foot building that is being considered, along with 4,600 square feet of commercial space. Joshua Schuster’s Silverback Development purchased the property in October of last year for $16.9 million.
7. The Bronx, 4180 Carpenter Avenue
Plans for a 92-unit apartment complex with five stories have been submitted by Mark Stagg’s Stagg Group in Wakefield, a company specializing in affordable housing. According to the developer’s website, more than 3,500 units have been built by the company since 1996. The property was purchased by The Bank of New York Mellon and sold in 2013 at a tax lien auction.
8. Manhattan, 134 Jane Street
On a plot of land off West Street in the West Village, Aurora Capital Associates submitted plans for the construction of an 11-story structure. There will be 15 residential units and 200 square feet of retail space in the 101,000-square-foot structure.
William Gottlieb Real Estate has owned the land, which is now a parking lot across the street from the Jane Hotel, since the 1970s. Although William Gottlieb Real Estate and Aurora Capital are unknown, the two businesses have previously collaborated on projects in the Meatpacking District.
9. Brooklyn’s 450 Union Street
On a plot of land in the Gowanus neighborhood, Pilot Real Estate Group plans to build an eight-story mixed-use structure. 24 residential apartments and 25,500 square feet of commercial space will be found in the projected 81,000 square foot skyscraper. According to public documents, the Greenwich, Connecticut-based company paid $12.3 million for the property in 2014.
10. The Bronx, 1220 Spofford Avenue
On a plot of land near the intersection of Spofford Avenue and Cassanova Street in Hunts Point, The DOE Fund, a nonprofit that offers transitional housing for the homeless, intends to construct a six-story community complex and residential building. 96 residential units and roughly 30,000 square feet of communal space would be included in the 63,400 square foot building.
