Brooklyn and Queens projects beat Manhattan megadevelopments to the punch among the biggest planned projects of the new year
From left: The Hayden, American Copper Buildings and AVA DoBro
While Hudson Yards and Essex Crossing continue to inch forward in Manhattan, it’s the booming outer boroughs that will see many of the most ambitious real estate projects realized in the year ahead.
The two tallest residential buildings in all of Brooklyn are among 2017’s upcoming megaproject milestones. Collectively, the 10 largest ground-up real estate construction projects slated for completion in 2017 span more than 7 million square feet, according to an analysis by The Real Deal of Department of Buildings permits, news reports and sources. Of those 10, five are located in either Brooklyn or Queens.
The current market is more favorable to larger projects, helping them to reach the finish line, while many smaller ones — especially luxury residential developments — are facing delays and struggling to obtain construction loans, according to attorney Neil Shapiro, a partner at Herrick Feinstein .
“The market is restraining the non-A-plus developers from doing anything stupid because the financing will not be there for them,” he said. Shapiro added that “all large successful projects in the city possess the same three traits”: a top developer, a prime location and long-term patient capital. Therefore, a less experienced developer with a risky project may not get the opportunity to build — and, potentially, fail.
The largest project expected to上海龙凤论坛 come to completion this year is AVA DoBro, AvalonBay Communities’ 870,000-square-foot rental tower at 100 Willoughby Street in Downtown Brooklyn. The property is expected to open sometime i上海千花网龙凤论坛 n the first quarter of the year, according to a spokesperson for the Virginia-based real estate investment trust. The 826-unit building, formerly called Avalon Willoughby West, also holds AvalonBay Willoughby Square, which has its own address of 214 Duffield Street and opened its doors in June 2016. Apartments list for as much as about $11,500 per month.
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The 58-story tower has more floors than any other residential or commercial property in Brooklyn. When it comes to height however, AVA DoBro, at 596 feet, ranks second to Douglas Steiner’s 610-foot Hub at 333 Schermerhorn Street, also in Downtown Brooklyn.
Hot outer-bor上海千花社区 ough neighborhoods such as Williamsburg and Long Island City will also have a handful of new projects opening this year, with developers in those areas reaping the rewards of earlier trendsetters. “The initial risk of going into a new community has been taken care of, so what we’re seeing are add-ons,” Shapiro said.
The widespread development in Long Island City is representative of how such projects arise in select pockets throughout the city. Rockrose Development, for example, will put the finishing touches on its latest Long Island City rental tower. The Hayden, a 50-story, 974-unit de[……]