It appears such institutions as the New York Stock Exchange, One World Trade Center, and the South Street Seaport in New York City's Financial District -- FiDi to its friends -- will be getting a lot of new neighbors in the next several years.
According to a recent report by The Real Deal--titled “Does FiDi have too many condos?”--the neighborhood is expected to have 1,928 new condo units in the pipeline. And that's not even counting the units already under contract.
Perhaps the most prominent development project in FiDi is real estate magnate Harry Macklowe's 2014 acquisition of the 1.1 million-square-foot One Wall Street. The Art Deco tower was formerly the Bank of New York Mellon Corporation, and will house 566 condos in its newest incarnation. According to Macklowe Properties’ description of the landmark 55-story tower: “The building itself has many features including exceptional panoramic views, ideal floor plates for multiple uses, excellent ceiling heights, multiple entrances, and access to multiple transportation hubs.”
In addition to Macklowe, there are other real estate firms looking to make inroads in Lower Manhattan's residential market. The Real Deal said that development firm LCOR submitted an offering plan to transform a 308-unit rental building on 25 Broad Street into condo units. According to 25 Broad's website, the building boasts large living spaces with 9.25-foot to 13-foot ceilings, nero wood floors, and generous closets. There is also The Lightstone Group, which is prepping its 244-unit building designed by David Adjaye, at 130 William Street. Meanwhile, real estate firms L+M Development Partners and Urban Muse are planning to build 110 and 31 condo units respectively in the neighborhood.
The article further explains that the developers of these new projects are trying to avoid what has hamstrung other development projects in the neighborhood in the past, which is “holding onto excess inventory years after launching,” like what happened to the 5 Beekman Street development.
And it’s not just the Financial District that is seeing a boom in condo projects. The Real Deal recently reported that the Lower East Side and East Village “have the second-highest number of condos in the pipeline when compared to all Manhattan neighborhoods.” It mentioned that between those two neighborhoods, there are about 1,004 condo units either on the market or in the works, led by Extell Development's 815-unit One Manhattan Square projects. Other developments in that part of Manhattan include a 55- unit project at 242 Broome, and a 45-unit one at 150 Rivington. “It’s like somebody flipped the switch on the Lower East Side and the East Village,” Robert Dankner, president of Prime Manhattan Residential, told The Real Deal.
Outside of Manhattan, Queens’ condo developments are also burgeoning. From January through May 2018, there were 37 new condos projects proposed for the borough, surpassing the previous totals for 2016 and 2017. Most of the plan filings for May centered mostly in Long Island City.
David Chiu is an associate editor at The Cooperator.