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Mar 08, 2019

The top 10 biggest real estate projects coming to NYC

A Bronx warehouse topped the list of largest projects in New York City last month.

The Bruckner Boulevard project from Innovo Property Group and Square Mile Capital Management topped the list by a wide margin. It would span about 740,000 square feet, more than 300,000 square feet larger than the No. 2 spot, which went to a mixed-use building in Harlem from L&M Development Partners. The list also included two projects from Meir Babaev’s AB Capstone: one in Queens and one in the Bronx.

Queens led the way with four projects in January, followed by Brooklyn with three, the Bronx with two and Manhattan with one.

The full list of January’s top 10 biggest real estate projects is below:

1. 2505 Bruckner Boulevard, Bronx
Innovo Property Group and Square Mile Capital Management are planning to build a roughly 740,000-square-foot warehouse at the former site of Whitestone Multiplex Cinemas in the Bronx. The two firms bought the site from Extell Development for about $75 millionand plan to lease the warehouse to e-commerce companies for deliveries. The project’s total cost should range from $300 million to $500 million.

2. 60 East 112th Street, Manhattan
L&M Development Partners filed plans for a new 15-story building at 60 East 112th Street that would span about 404,000 square feet. The mixed-use project would include 315 residential units, along with commercial and community space. Handel Architects would design the property.

3. 31-08 Northern Boulevard, Queens
Shibber Khan’s Criterion Group is planning to build one of the largest self-storage facilities in the city at 31-08 Northern Boulevard in Long Island City. The project would span about 255,000 square feet and stand 115 feet tall. Criterion bought the site for $40 million in 2015 but started marketing it for sale in 2016 after getting offers from other companies who were looking to build an office complex. However, Khan’s plans for a self-storage facility indicate that the firm is now looking to hold onto the space.

4. 3-50 St. Nicholas Avenue, Queens
Meir Babaev’s AB Capstone filed plans for its 17-story, 191,000-square-foot property on an assemblage in Ridgewood that includes 3-36 and 3-50 St. Nicholas Avenue, along with 1637 Woodbine Streetand 5431 Myrtle Avenue. The project will include 138 apartments and be split between about 93,000 square feet of residential space, 97,000 square feet of commercial space and 940 square feet of community space.

5. 53 Huron Street, Brooklyn
Quadrum Global plans to construct a 178,000-square-foot building at 53 Huron Street in Greenpoint on the Brooklyn waterfront. The London-based private equity firm bought the site for $45.5 million in 2014, and its new project would feature 173 residential units. Morris Adjmi Architects is designing the building. https://therealdeal.com/2019/01/14/greenpoint-is-getting-another-waterfront-resi-building/

6. 59-15 Maurice Avenue, Queens
A Home Depot on its way to Queens took the No. 6 spot on January’s list. The store is expected to span 133,247 square feet in Maspeth at 59-15 Maurice Avenue, also known as 59-02 Borden Avenue. Home Depot bought the site in 2017 for $63 million, and it is currently home to a Coca-Cola bottling plant. The property spans 7.3 acres overall.

7. 423 Westchester Avenue, Bronx
Meir Babaev’s AB Capstone landed the No. 7 spot as well with plans for a 124,000-square-foot project in the Bronx. Plans suggest the building would stand 10 stories and 143 feet tall and be split between about 10,000 square feet of commercial space and 114,000 square feet of community space. Michael Graves Architecture is designing the project.

8. 573 Emerald Street, Brooklyn
Daniel Rad’s Radson Development is planning a residential building in East New York spanning about 115,000 square feet. The eight-story property would include 159 units and stand 96 feet tall, and Magnusson Architecture would design it. It will likely be an affordable housing project.

9. 25-10 42nd Road, Queens
Developer Mason Chen filed plans for a hotel at 25-10 42nd Roadin Long Island City. It would stand nine stories tall and span about 83,000 square feet with 175 units.

10. 639 Degraw Street, Brooklyn
January’s list rounds out with a mixed-use project in Park Slope from Argentinian owner Claudio Soifer, operating under the name 167-174 Fourth Avenue LLC. It would span about 79,000 square feet, split between about 73,000 square feet of residential space, 5,000 square feet of commercial space and 700 square feet of community space. The project, on the corner of Fourth Avenue, would stand 12 stories tall and contain 57 residential units.

Published in The Real Deal