BY MICHAEL STOLER
Cranes, cranes and more cranes are seen all over the city of New York. These massive cranes are rising hundreds of feet in the air in the Boroughs of Manhattan, Brooklyn, and Queens and even in the Bronx and Staten Island.
According to industry leaders approximately sixty thousand, yes I said 60,000 new residential rental units are in various stages of developments in the Big Apple.
As reported in The Real Deal overall, there are more than 22 million square feet under developments in Queens. That pipeline is expected to bring more than 24,000 residential units to the Borough. Long Island City and Astoria are preparing for an influx of nearly 30,000 new residential units in the next few years, industry experts said.
Prominent developers including Rockrose, and TF Cornerstone continue to expand their construction in Queens. Tishman Speyer are entering the residential market in Long Island City. The worldwide developer is in the process of constructing three towers that will bring 1,789 apartments adjacent to the office tower.
The Related Companies, the developer of Hudson Yards, are in various stages of development of nearly 20,000 units of residential and rental housing in Manhattan. They are also actively in the construction of Hunter’s Point South project, a redevelopment of 30 acres on the waterfront, which will include nearly 5,000 apartments.
Manhattan based developers which include Property Markets Group, World Wide, BRP, Durst Organization, George Klein, Brookfield are traveling over the 59th Street bridge to build in Queens. Development is not limited to Long Island City, Astoria and Hallets Point, it is expanding to Flushing and Willlets Point.
More than 14,000 units are in development in downtown Brooklyn, Williamsburg and Greenpoint. At least a couple of thousands of units of residential developments are planned for East New York and Coney Island.
Residential rental apartments are planned for the Mott Haven section of the Bronx. The Chetrit Group and Somerset Partners have filled plans for two 25 story apartment towers in the South Bronx, a project which many believe could be a catalyst to new wave of development in the Borough. The towers will feature 826 and 370 apartments.
Construction is underway in Staten Island, the home of the 630 foot tall observation wheel and the Empire Outlets retail located in St. George on the New York Harbor. Construction is scheduled to begin in Lighthouse Point project in St. George, which will include a 12 story, 116 unit apartment tower with stores, offices, restaurants in the near future a hotel. In December, URL Staten Island, the 900 unit housing complex built at the former Stapleton homeport, welcome its first residential tenants.
With thousands of individuals especially millennials moving to New York City, expect construction for residential rental apartments to continue to expand over the next five years.