The scaffolding doesn’t lie: We’re in the midst of a serious condo-and-rental-building boom with buildings like DDG’s 180 East 88th Street and 12 Warren quickly rising.
Over 3,600 permits have been filed for new residential structures in the past two years – to be precise, 2,394 in 2014 and 1,230 thus far this year, compared with 2,804 in total for 2009 and 2010. Talk of the 421(a) tax abatement expiring this past summer (it didn’t) may have spurred the recent frenzy, with much of it concentrated in the usual suspects of Hudson Yards, Downtown Brooklyn, and LIC. But new pockets of construction are emerging in unlikely corners, like the St. George neighborhood of Staten Island and the South Bronx. With an overwhelming number of projects to sift through, here’s a selection of some of the more notable arrivals, for magnates and non-magnates alike.
Rising properties include 550 Vanderbilt Avenue, 111 Murray Street, 40-26 College Point Boulevard, 180 East 88th Street, 111 West 57th Street, 538 Washington Avenue, 12 Warren, 34 Prince Street, 1769 East 13th Street, 360 Central Park West, 101 Wall Street, 212 Fifth Avenue, 318 West 57th Street, 275 West 10th Street, 70 Charlton Street, 16 West 40th Street, 100 East 53rd Street, 118 East 59th Street, 527 West 27th Street, 520 West 28th Street, 360 East 89th Street, 170 Amsterdam Avenue, 535 Carlton Avenue, 625 West 57th Street and 480 Main Street.
On the market: Fall. There are only 13 units here, all hitting the market later this fall and averaging 3,500 square feet each. DDG’s Joe McMillan says they found a dearth of large, loft-like, newly built residences in Tribeca and decided to fill the void.