New Construction & Development 2018 and Beyond

From the far West Side to the Lower East Side to Downtown, scaffolds are being raised and new residences are being built all over Manhattan. Just a few years ago, new construction of these types would have been scoffed at. Now the times they are a-changin,’ to quote Bob Dylan.

“There are a number of very active developers in New York today developing condominium properties,” says Stephen Kliegerman, President of  Halstead Property Development Marketing in Manhattan. “The difference between the developers of today and those who developed pre-2008 is that now most of the developments are being done by major developers rather than first-timers – developers like L&M, Savanna, SJP Properties, Adam American, Toll Brothers, Related, Extell, and Tishman are but a few of the top developers active in today’s market.”

According to Gordon Hoppe, Executive Vice President of Corcoran Sunshine Marketing Group, also in Manhattan, there will be approximately 4,000 to 5,000 new residential units added to the Manhattan market in the coming year or so.

“2018 will be an exciting year for new development as major developments across several neighborhoods come to market,” notes Hoppe. “Developers have been cautious about flooding the market with new inventory and are making measured decisions about exactly when to bring their product to market.”

New Construction

The majority of new development and construction generally happens below 34th Street, explains Hoppe. This is due, in part, to the many prime residential neighborhoods to choose from in this area of Manhattan. 

Read More...

Related Articles

Report: FiDi Is Experiencing a Condo Boom

More Condos Also Planned for the East Village and Queens

LES Co-op Turns Down $54M Air Rights Deal

Developer Wanted to Build Two Neighboring Condo Towers

Plans for Condo Building on Site of East Village Gas Explosion Sent Back

The Landmarks Preservation Commission Had Some Issues With the Project

UES Condo Tower Development Draws More Scrutiny

Opponents Claim the Developer Is Circumventing Zoning Rules

The Changing Faces of Washington Heights

A Look at an Evolving NYC Neighborhood

Brooklyn's High-Rise Rental Glut

Some New Properties Having Leasing Trouble