New Developments

Chelsea, Major Developments, Manhattan

Photo Credit: Brett Beyer

More than 10 years and over $400 million later, an 80,000-square-foot public park is now open on the rooftop of Pier 57 in Hudson River Park. Formerly a maritime port and bus depot, the pier has been transformed into a mixed-use development with office space for Google and a new food hall curated by the James Beard Foundation. The new two-acre green space, the largest of its kind in New York City, will be open to the public daily from 7 a.m. and 10 p.m.

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Policy, Rentals

Image courtesy of Creative Commons

The city’s Rent Guidelines Board on Thursday released a report recommending a rent hike for rent-stabilized apartments due to an increase in operating costs for landlords over the last 12 months. According to the agency’s 2022 Price Index of Operating Costs report, owners saw costs rise by 4.2 percent. Using three formulas, the board recommended an increase in rent of between 2.7 percent and 4.5 percent for one-year leases and between 4.3 percent and 9 percent for two-year leases. The suggested rent increase comes after the board voted to not raise rents for six months last year and fully freeze rents in 2020.

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Major Developments, Midtown East, New Developments

Rendering: dbox / Foster + Partners

JPMorgan Chase on Thursday unveiled the design for its massive new global headquarters in Midtown East, set to become one of New York City’s tallest buildings. Roughly three years after the project was approved by the city and a year after construction began, fresh renderings show off the Foster + Partners-designed tower at 270 Park Avenue, which will soar nearly 1,400 feet and be all-electric. The building, which will house up to 14,000 employees, boasts a unique “fan-column” structure that is lifted about 80 feet above street level as well as a new public plaza on Madison Avenue.

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Chelsea, condos, New Developments, Starchitecture

All images courtesy of Related Companies

Related Companies on Thursday launched sales at The Cortland, a new 25-story waterfront luxury condo designed by Robert A.M. Stern Architects (RAMSA) with interiors from Olson Kundig. Located at 555 West 22nd Street in Chelsea, the tower offers residents views of the Hudson River and almost 20,000 square feet of amenity space. While exact pricing for all 144 loft-like residences has not been released yet, a spokesperson for the project said two-bedrooms start at just above $4 million and over $21 million for four bedrooms.

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condos, Cool Listings, Upper East Side

Photo credit: VMI Studios

Capping the reinvention of the former Hotel Wales at 1295 Madison Avenue as luxury condominium residences, a newly-constructed 4,179-square-foot penthouse spanning the building’s highest floor has just arrived on the market. The $23,000,000 home in the Carnegie Hill Historic District contains five bedrooms and seven bathrooms; its biggest asset, however, may be the 3,114 square feet of wrap-around terraces on two levels with Central Park views, an outdoor kitchen with a wet bar, a fireplace, and a butler’s pantry.

Get a peek at this parkside penthouse

New Developments, New Jersey, Transportation

All renderings courtesy of LCOR

After 16 years of deliberation, plans to revitalize Hoboken’s waterfront are moving forward. New Jersey Transit, the City of Hoboken, and developer LCOR on Wednesday released new renderings of Hoboken Connect, a mixed-use transit project that aims to bring major investments to the city. The development will include a 20-story office building with retail, a 389-unit residential property with 20 percent of the units affordable, public open space, and the renovation of transit infrastructure and buildings like the historic Lackawanna Terminal. The project is currently under review by the city and is pending redevelopment agreement approvals, which could be decided next month.

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Bronx, mott haven, New Developments, Rentals

Rendering courtesy of ArX Solutions

The priciest private development in the Bronx opened its first residential tower this week with rents to match. Developed by Brookfield Properties, the $950 million mixed-use Bankside project is one of the largest private investments in Bronx history and sits on 4.3-acres along the Mott Haven waterfront. On Thursday, rents for the market-rate apartments at Third at Bankside were revealed, with prices ranging from $2,455/month for studio apartments to $7,334/month for a three-bedroom unit with a private terrace.

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affordable housing, Green Design, Jamaica, New Developments, Queens

Courtesy of Ed Reed/Mayoral Photography Office on Flickr

Mayor Eric Adams on Wednesday announced a milestone has been reached in a major project designed to improve quality of life and tackle the affordable housing crisis in Southeast Queens. Construction has begun on “Habitat Net Zero,” a project that will transform 13 run-down buildings owned by the New York City Housing Authority (NYCHA) into 16 green homes for affordable homeownership.

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condos, Construction Update, Downtown Brooklyn, Major Developments, New Developments

Image courtesy of JDS Development Group

Brookyn’s first and only supertall tower officially launched sales on Wednesday. Designed by SHoP Architects, the Brooklyn Tower is a 93-story skyscraper standing at 1,066 feet in Downtown Brooklyn. Located at 9 Dekalb Avenue, the building’s 150 condo units start on the 53rd floor of the tower at an elevation of 535 feet, providing unparalleled views of the surrounding cityscape. Residences are priced from $875,000 for studios to $8 million for four bedrooms. Two-bedrooms start at $2.4 million, three-bedrooms start at $2.95 million, and four-bedrooms start at $5.9 million.

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Harlem, Manhattan, New Developments

Renderings courtesy of Janus Property Group unless otherwise noted

A state-of-the-art building built for life science, academic, and creative tenants is officially complete in Harlem, serving as the anchor of a major new commercial district in the neighborhood. The 350,000-square-foot Taystee Lab Building, named after the bread bakery that once occupied the lot, is the largest building in the Manhattanville Factory District, a master-planned, multi-building campus stretching from West 125th Street to West 128th Street with dedicated commercial and community space.

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