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.
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