Posted Jul 3, 2023, 6:56 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://therealdeal.com/magazine/nat...-most-in-2023/
Here are the developers who shaped New York City the most in 2023
By Ellie Quinlan Houghtaling
Research by Matthew Elo
July 3, 2023
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Uncertainty reigns in real estate, but New York City developers are still reaching for the sky.
In the 12 months preceding May 1, the city’s 20 most active developers filed plans for 16.7 million square feet of new development — nearly a million more than in the previous year-long period.
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For the second year in a row, Moroccan émigré Joseph Chetrit’s eponymous firm topped the list, filing plans to develop just shy of 2 million square feet across three new projects. Its plans included the largest filing in the city: a 71-story mixed-use skyscraper with allotments for affordable housing on a Two Bridges development site that Chetrit Group bought from CIM Group and L+M Development Partners for $100 million in 2021.
Also included in the firm’s count is 100 West 37th Street in the Garment District, where Chetrit filed plans for a 360,000-square-foot, 68-story tower.
Gary Barnett’s Extell Development placed second, plotting out four new developments that combine for an estimated 1.5 million square feet. Extell’s major projects include 259 Clinton Street, a 421a-approved, 62-story tower just a block from Chetrit’s Two Bridges site. On the Upper East Side, Barnett’s firm filed more plans for a 30-story, 400,000-square-foot medical tower at 403 East 79th Street, also known as 1520 First Avenue.
Rounding out the top three was Domain Companies, which filed plans for nearly 1.3 million square feet across three multifamily projects. Those included a 500-unit complex at 2-33 50th Avenue in Long Island City and two Gowanus projects: a 360-unit, two-tower development at 420 Carroll Street and a 241-unit building at 545 Sackett Street.
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Across Manhattan, developers are forging ahead with earlier projects (filed before the time period covered by this ranking), including RXR’s 1,600-foot-tall tower at 175 Park Avenue that is slated to offer more than 2 million square feet of office space along with 500 hotel rooms, as well as Boston Properties’ nearly 1 million square foot office tower on the site of the MTA’s former headquarters.
“The occupancy rates around the Plaza District, particularly Park Avenue, are very, very strong,” said Hilary Spann, an executive with Boston Properties’ New York division, which placed fifth on the ranking thanks to its largest project at 343 Madison Avenue, just north of SL Green’s One Vanderbilt.
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Commercial tenants looking for more than 100,000 square feet of space are struggling to find available properties with modern amenities worthy of bringing their employees back to the workplace, according to the developers TRD spoke with.
“We’re even hearing stories about tenants being displaced from their buildings by other tenants that are larger and expanding, and sort of having the smaller tenant scramble to find space,” Spann said.
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