Grand Openings: 10 Major Real Estate Projects Coming To NYC This Year
The one constant in New York is construction. This year will continue to see a flood of pricey, uber-luxury new residential projects open their doors, and Hudson Yards — the brand-new neighborhood on Manhattan's west side — will continue to take shape. There are also innovative affordable housing projects, groundbreaking office buildings and a wave of big new developments in the boroughs.
Here is a look at some of the major projects that will be coming online in 2019.
Once complete, Hudson Yards will be the biggest private real estate development in the U.S. since the Rockefeller Center, and this year will see some major milestones.
This month, tenants will start moving into Related and Oxford Properties’ 1.4M SF office building, 55 Hudson Yards, which has bagged leases with companies like law firm Cooley LLP and Point72 Asset Management. Residents are also starting to move into 15 Hudson Yards this month, an 88-story condominium building where the penthouse is asking $32M.
The Public Square and Gardens and Hudson Yards' art centerpiece, the Vessel, are set to open in March. Also this year, sales are due to launch at the 35 Hudson Yards condo building, the Equinox Hotel is set to open and office tenants will start moving into 30 Hudson Yards. The Observation Deck in that building (the highest in the Western Hemisphere) is expected to open in late 2019.
The Culture Shed, a brand-new arts center in a 200K SF modular building, now has an official opening date of April 5.
Staten Island’s New York Wheel is dead in the water, but a major new development is still headed to the borough. New York City’s first outlet mall, Empire Outlets, is slated for an April opening after reportedly being delayed four times.
Developed by BFC Partners, the 340K SF mall at the St. George Terminal, will have around 100 shops and restaurants. The anchor tenants in the building include Nordstom Rack, H&M and the Nike Factory Store. Other retailers include Old Navy, Brooks Brothers, Shake Shack and Levi’s.
Rudin Development and Boston Properties' 675K SF building at the Brooklyn Navy Yard is opening in the next few months.
The ground-up development features 35K SF of common indoor amenities, 10K SF of outdoor amenities and 16K SF of private terraces. The building's anchor tenant is WeWork (recently rebranded as The We Company), which is also listed as a co-developer and will occupy 220K SF in the building, which was designed to pay homage to the Navy Yard's shipbuilding past.
Residents will start moving into this three-tower, 5-acre, 263-unit luxury megaproject this spring.
The complex is owned by GID Development Group and designed by a combination of starchitects: Richard Meier & Partners Architects, Rafael Viñoly Architects and Kohn Pederson Fox Associates. The development is aiming for a $1.5B sellout.
The project has a penthouse asking $17.3M, according to StreetEasy, and amenities include an indoor tennis court, an indoor basketball court, an indoor soccer field, an indoor gardening studio and a 25-meter lap pool.
The Chelsea Hotel
One of the city’s most storied properties will start a new chapter this year.
The revamped Chelsea Hotel on 23rd Street, which BD Hotels’ Richard Born and Ira Drukier, along with hotelier Sean MacPherson, bought for $250M in 2016, is slated to reopen in 2019. The hotel has been home to some of the biggest names in music and literature: Bob Dylan wrote “Visions of Johanna” there, Nancy Spungen, the girlfriend of Sex Pistols bassist Sid Vicious, was found stabbed to death in one of the rooms, and writer Thomas Wolfe spent the last years of his life there.
Born told Bisnow the plan for the redone building, which will have hotel rooms and apartments, is to look and feel as it did in its earliest days.
150 Fifth Ave.
L&L Holding Co. will open up its revamped building at 150 Fifth Ave. when Mastercard moves in mid-year. The 11-story building, a landmarked property located between 19th and 20th streets in Flatiron, is undergoing a building-wide renovation to create a “more open, collaborative and efficient working environment.”
The lobby is being redone, walls knocked out and elevator and building infrastructure is being modernized. Mastercard agreed to take all of the 213K SF in the building in 2017.
100 East 53rd St.
Designed by Foster + Partners and developed by Aby Rosen, the brand-new condominium tower at the corner of 53rd and Lexington is now welcoming its first residents. The building reaches 63 stories and has a facade inspired by the nearby Seagram Building, which Rosen also owns. There are 23 units on the market, according to StreetEasy, including a four-bedroom penthouse asking $65M.
One Manhattan Square
Extell Development has finished its 800-foot, 815-unit tower at 250 South St. in the Two Bridges neighborhood on the Lower East Side. Closings are due early this year, and residents will move in soon after.
The building features 100K SF of amenities. As a result of the sluggish condo market, Extell offered incentives back in November to encourage buyers to sign up for units at the building and others it is developing in the city.
10 Halletts Point
The first building of the Durst Organization’s Halletts Point megaproject in Astoria will open this year.
Ultimately, the $1.5B megaproject is slated to feature seven residential buildings with a mix of market-rate and affordable units. While parts of the development have been slowed by issues over the expiration of the 421-a tax abatement, 10 Halletts Point was not affected.
The 22-story building will include 404 units, with a mix of studios and one-, two- and three-bedrooms, with 20% set aside as affordable housing.
Beach Green Dunes II
This Far Rockaway project, designed by L+M Development Partners, the Bluestone Organization and Triangle Equities to Passive House standards, features 127 rental units and 2,500 SF dry flood proofed commercial space. The eight-story building at 4519 Rockaway Beach Blvd. has units for households whose income does not exceed 100% of area median income, and will use geothermal technologies to heat and cool the property.
CORRECTION, JAN. 11, 6:30 P.M. ET: L+M Development Partners, the Bluestone Organization and Triangle Equities are developing Beach Green Dunes II. An earlier version of this story did not include all the developers on the project. This story has been updated.