8 Major NYC Projects Expected To Deliver This Year
By the end of the year, a slew of major projects in New York City will officially open up. Much-anticipated developments like 3 World Trade Center have already delivered, and the rest of the year will see major openings at Hudson Yards and in Brooklyn. Read on for a look at some of the biggest projects slated for 2018.
55 Hudson Yards
After more than a decade in the making, Related Cos. and Oxford Properties Group are due to officially open the doors of 55 Hudson Yards this fall.
Law firm Cooley LLP is taking 130K SF at the 1.4M SF tower, joining Stonepeak Infrastructure Partners, Point72 Asset Management and Third Point. Arosa Capital Management, a hedge fund, Engineers Gate, a quantitative trading firm, and HealthCor Management, a life science investment firm, are also moving into the building.
It is not the only development at the Hudson Yards megaproject to keep an eye on. The first residents at 15 Hudson Yards will be moving in this December. In March, the public square and gardens will open to the masses.
Essex Crossing
The first residents at 242 Broome in the Essex Crossing development are moving in this month. The 14-story building, designed by SHoP Architects, topped out in April and is more than 65% sold.
The 55-unit building — which has 33 active sales with an average price of $2.4M, according to StreetEasy — is being developed by a partnership of Taconic Investment Partners, L&M Development Partners, BFC Partners and Goldman Sachs.
The 1.8M SF megaproject is taking large strides forward this year; just a few days after the calendar flipped, the development group secured $200M in construction financing for the project's tallest tower, 180 Broome St., set to include 263 apartments, 175K SF of office and a piece of the development's signature Market Line retail and food hall.
390 Madison Ave.
L&L Holding Co. will officially open its radically transformed office building at 390 Madison Ave. this fall. The 850K SF building is already full, with JPMorgan Chase inking a lease for 437K SF across 16 floors earlier this year. The bank is joining Shiseido Americas, which signed for 226K SF last year, and law firm Hogan Lovells, the building's first tenant, which has signed up for 200K SF.
The renovation at 390 Madison saw L&L — funded by the New York State Common Retirement Fund via investment adviser Clarion Partners — removing tons of steel and concrete from the base to build new floors on top of the building. The new structure is 108 feet taller than the original building and now reaches 32 stories.
The Hoxton, Williamsburg
London-based hotel developer and operator Ennismore is opening up The Hoxton at 97 Wythe Ave. in Williamsburg in September. The 175-room boutique hotel — designed by Perkins Eastman — has rooms starting at $159.
The hotel will be the first Hoxton in the United States, and joins locations in London, Amsterdam and Paris. The company is planning hotels in Chicago and San Francisco.
Back in 2015, the founder and CEO of Ennismore, Sharan Pasricha, told the Observer the company had chosen Williamsburg because of its similarity to Shoreditch in London, where the original Hoxton is located.
“It’s a neighborhood that we’d like to be part of,” he said, pointing to the "industrial past" and a "creative present" of the area.
25 Kent Ave.
The first ground-up commercial office development in Williamsburg in more than six decades will open up this October.
Developed by Heritage Equity Partners and Rubenstein Partners, 25 Kent Ave. has office/retail and light industrial space across 500K SF. So far, the companies have not announced any signed leases at the building.
20 Times Square
In the next few months, Maefield Development and Fortress Investment Group plan to open 20 Times Square, a 378K SF mixed-use retail and hotel development at the corner of 47th Street and Seventh Avenue.
The building will feature a six-story retail podium spanning more than 70K SF at its base. The 42-story tower has a Marriott Edition Hotel with 452 rooms. Earlier this year, Maefield Development and Fortress Investment Group moved to buy out all other partners at the building, a group that included The Witkoff Group, Ian Schrager, New Valley and Winthrop Realty Trust.
Witkoff and Winthrop have agreed to complete the building's construction on Maefield's behalf.
The Rennie
BRP Cos. is opening up its 134-unit condo in Harlem, dubbed the “Rennie,” this fall.
The firm had planned to offer 80% of the units at market-rate rents and 20% for those making below a certain percentage of the area's median income, but dropped those plans earlier this year to build condos instead. Sales have just launched at the project, which is on the site of the Renaissance Ballroom and Casino.
OTTO
Stellar Management is opening OTTO, a 197-unit rental building in Greenpoint, this fall. The building, at 211 McGuinness Blvd., was designed by Gene Kaufman. The amenities include a library, a game room, a residents lounge and a rooftop with a swimming pool, a hot tub and barbecue grills.
Right now there are six apartments looking for renters, according to StreetEasy, with an average asking price of $2,629. Stellar paid just shy of $14M for a group of buildings back in 2014 for the site where the rental is now built.
CORRECTION, JULY 16, 7:29 P.M. ET: JPMorgan Chase is taking 437K SF at 390 Madison Ave. An earlier version of this story misstated the size of the lease. This story has been updated.
CORRECTION, JULY 17, 10:27 A.M. ET: The building at 20 Times Square is 378K SF. An earlier version of this story misstated its size. The story has been updated.
