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NYC Developers Opened 42 Million SF of New Construction in 2018



In 2018, NYC’s developers opened 42 million square feet of new construction buildings, as reported by PincusCo Media, based on data from the Department of Buildings. Photo Credit: Pinterest

In 2018, NYC’s developers opened 42 million square feet of new construction buildings, as reported by PincusCo Media, based on data from the Department of Buildings. That is an increase of 36 percent over the previous year. Approximately a quarter of that total, or an impressive 10.4 million square feet, was accomplished by just three developers—namely Related Companies, Matrix Development Group, and lastly Extell Development. Their developments were spread out through 16 individual buildings in Manhattan, Queens and Staten Island.

Overall, a great majority of the new construction, which got the certificates of occupancy, was residential. The 1,954 projects completed last year across the five boroughs, added a sum of over 30,000 housing units. Most of the units completed were in high rise buildings. Brooklyn was the big winner, gaining 9,482 new residential units in buildings. Manhattan was next leader with 8,488 units. Queens had 6,302 units added. The Bronx gained 4,781 units and Staten Island got only 174 units. These figures exclude one-, two- or three-family homes. Developers worked to construct 925 new one –two or three family homes, spanning 2.6 million square feet of space and adding 1,350 residential units. Over half of those, or 461, were built in Staten Island. Another 297 were completed in Queens, 130 in Brooklyn, 30 in the Bronx and seven in Manhattan. Of course quantity is not all indicative, as two of the biggest single family homes were constructed in Manhattan’s Upper East Side on Park Avenue and 76th Street by the Chetrit Group, one boasting 10,594-square-feet, and the other just under 12,000 SF.

While roughly 28 million square feet of the progress made was for residential units, there was also 14 million square feet of other construction completed. The largest of these projects was under the direction of Stephen Ross’s Related Companies, spanning 3.06 million square feet at 30 Hudson Yards and its attached retail space, as per PincusCo Media. Other notable projects completed in 2018 by Related, the firm which topped the list of projects completed by size, was the 1.3 million SF office building located at 55 Hudson Yards and the 285-unit condo building at 15 Hudson Yards.

The second most successful developer, in opening the most square-footage for the year, was Matrix Development Group. Its major accomplishment was the completion of the three buildings totaling 3.4 million square feet in Bloomfield, Staten Island. The Matrix Global Logistics Park, as the 200-acre development has been named, is leasing 975,000 SF to Ikea for seven years, and another oversized distribution warehouse to Amazon.

Extell Development, led by Gary Barnett, which had the next most square feet completed, finished a total of 1.7 million square feet in five projects. The largest of the firm’s developments was the 1.1 million-square-foot condo tower, One Manhattan Square. It also completed a smaller tower nearby at the Lower East Side, as well as The Kent, the posh 104-unit condo on Third Avenue and 95th Street.

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