Developer’s Digest?: This Weeks Top Development News
New York City Developers, Officials Score Wins in Albany’s New Budget
May 3, 2024
Mayor Eric Adams of New York City emerged as a significant beneficiary of the $237 billion New York State budget passed in April. Despite contentious negotiations between Governor Kathy Hochul, state legislators, and various stakeholders, including discussions on tenant protections and wage requirements for construction workers, the city's lobbying efforts yielded favorable outcomes. These measures are poised to support the Adams administration's ambitious goal of creating 108,850 new homes by 2040, a crucial initiative given the acute housing shortage in the city, with only 1.4 percent of rental units available last year.
Source: Commercial Observer
Hochul Finds 13 Acres on Long Island for Housing
May 6, 2024
Governor Kathy Hochul's issuance of the first request for proposals (RFP) for affordable housing projects since the recent budget deal marks a significant milestone in New York's efforts to address housing needs. This move underscores the state government's renewed commitment to expanding affordable housing options and tackling the ongoing housing challenges facing residents. By actively soliciting proposals for affordable housing initiatives, Governor Hochul is taking proactive steps to stimulate development in this critical area, demonstrating a clear dedication to improving housing accessibility and affordability for New Yorkers.
Source: The Real Deal
New York YIMBY’s Q1 2024 Construction Report Tallies Record-Breaking 19,819 Residential and Hotel Units
May 8, 2024
New York YIMBY's analysis of first-quarter 2024 building permit filings reveals record-breaking numbers. Builders submitted 19,819 residential and hotel units, the highest quarterly total since tracking began in 2020. Additionally, the filed-for square footage of 26 million marks the decade's highest quarterly tally. Of the 1,044 new building permits, 57 were for high-rise buildings of ten stories or more, contributing to the city's skyline and density in transit-oriented communities. While the first-quarter average fell below the previous quarter's outlier, it still ranked as the second-highest quarterly average since tracking began. March 2024 recorded the third-highest monthly count, with 389 filings, reflecting the ongoing strength of NYC's construction and real estate industries.
领英推荐
Source: New York YIMBY
289-Unit Condo Proposed for Crown Heights Site Next to Brooklyn Botanic Garden
May 6, 2024
A property in Crown Heights has changed hands once more, with YS Developers purchasing 960 Franklin Avenue for $64 million. The former spice factory site, previously owned by Isaac Hager and Daryl Hagler, now has plans for a seven-story residential building with 289 condos. This comes after a previous proposal for two 34-story towers was halted due to concerns from the Brooklyn Botanic Garden and local residents about sunlight blockage. The new plans outline a 240,000-square-foot development with 289 residential units and 145 parking spots, with financing provided by G4 Capital Partners. The project aims to attract residents with amenities, competitive pricing, and its proximity to the botanical garden.
Source: 6sqft
Grubb Properties Signs $150M Senior Construction Loan for 417-Unit Project in LIC, Part of $214.5m in Financing
May 9, 2024
Grubb Properties, represented by Queens Plaza North New York, LLC, secured a $150 million senior construction loan from Kennedy Wilson and Crum & Forster for their 417-unit development at 41-34 27th Street in Long Island City, Queens. The project, submitted by Grubb Properties and filed in August 2021, received permits in June 2023. The deal closed on April 26, 2024, with CBRE brokering the loan. The property, purchased for $63 million in September 2021, has 54,000 square feet of built space and 229,660 square feet of additional air rights. It sits on a lot with irregular dimensions and is zoned for manufacturing and residential use. Long Island City boasts significant commercial and multi-family construction activity, making it a focal point for development in the city.
Source: PincusCo