Figures for new construction permit filings for New York City for the second quarter of 2022 are in, and YIMBY’s latest analysis reveals that a number of positive trends emergent in the year’s first quarter have continued at a sustained pace. During the period spanning April, May, and June, the Department of Buildings registered permit filings for a combined total of around 13.1 million square feet, which, among other uses, includes 9,997 residential and hotel rooms. Although the square footage of the average filing is slightly smaller compared to the first quarter, the 857 new permits filed in the second quarter almost exactly match the total of 862 filings in the previous quarter, with both figures substantially exceeding quarterly averages from the previous year. Below we share a detailed analysis of the aggregated permit data. The full data set on which we based our research is available with a subscription to YIMBY’s Building Wire service.
Demolition is moving along rapidly at 123 West 57th Street, the site of a 26-story commercial building on Billionaires’ Row in Midtown, Manhattan. Alchemy Properties and ABR Partners closed a $120 million deal to purchase the Midtown property from Calvary Baptist Church. ABR Partners’ equity partner, Cain International, had brought on Security Benefit Life as the new lender for the project, which will yield 185,000 square feet of office space and is estimated to cost $350 million. The property is located on a plot bound by West 57th Street to the south, West 58th Street to the north, Sixth Avenue to the east, and Seventh Avenue to the west.
Construction is nearing completion on 181 Mercer Street, NYU‘s expansion in Greenwich Village. Designed by Davis Brody Bond and KieranTimberlake, the three-tower structure will yield 735,000 square feet and is expected to achieve LEED gold certification. Turner Construction Company is the general contractor for the property, which occupies a full block between Houston, Mercer, and Bleecker Streets and I.M. Pei’s University Village complex. The project is the culmination of more than a decade of planning and underwent numerous design changes before ground broke in 2018.
Demolition work is ramping up at 405 Park Avenue, the site of a potential skyscraper in Midtown East, Manhattan. Original plans from several years ago called for a renovation that would have added several floors to the existing 17-story structure, but full demolition permits were filed in January 2021. MRP Realty is the owner and Titan Industrial SVC Corp. is serving as the demolition contractor for the property, which is located at the corner of Park Avenue and East 54th Street.
Excavation and foundation work are in full swing at 360 Bowery, the site of a 22-story commercial building in Noho, Manhattan. Designed by Morris Adjmi Architects and developed by AECOM-Canyon Partners under the ACEF-CBSKI 360 Bowery LLC, the 283-foot-tall structure will yield 112,617 square feet with 72,151 square feet of office space, 26,637 square feet of community facility space, and a cellar. SK Development of CBSK Ironstate are the owners and CM & Associates is the general contractor for the property, which is located at the corner of Bowery and East 4th Street.