During the third quarter of 2020, spanning the period from July through September, developers expressed confidence in the city’s long-term economic future, as evidenced by the 446 building permits filed during the period, nearly matching the 476 filings in the second quarter. Between these applications, which cover all types of projects, the new residential buildings permitted totaled 5,638 units, a decrease from 9,309 the previous quarter, and a drop from 8,063 units submitted in Q3 of 2019. Despite the drop in residential units entering the pipeline for the Five Boroughs, overall permitting activity remains relatively vigorous, and all filings are available in Excel format at the following link.
Construction on 842 Sixth Avenue in NoMad, has been stalled for the past several months and it is unclear as to if and when this planned 100,000-square-foot project will move forward. Designed by Danny Forster & Architecture, the 26-story building will house a 168-room AC NoMad Hotel by Marriott International and is slated to become the world’s tallest modular hotel. Concord Hospitality is the developer of the Midtown project, which sits between West 29th and West 30th Streets. Also part of the design program would be multiple outdoor terraces and a rooftop bar.
Exterior work is getting closer to completion on the Virgin Hotel, a 476-foot-tall tower at 1225 Broadway in NoMad. Designed by Stantec and developed by Lam Group, the 38-story project will yield a total of 300,000 square feet with 460 hotel rooms. Sir Richard Branson of Virgin Group will be in charge of managing the property, which will be the first Virgin Hotel in New York City.
Work is progressing on the warm-colored masonry walls and windows of the 230-foot-tall, 24-story expansion at 250 Fifth Avenue in NoMad. Designed by Perkins Eastman, PBDW Architects, and Martin Brudnizki Design Studio and developed by Flaneur Hospitality, the project also includes the renovation of the adjacent 115-year-old bank building designed by McKim, Mead & White. The property will eventually debut as The Fifth Avenue Hotel.
Façade work is getting closer to completion at 30 East 31st Street, a 39-story, 479-foot-tall residential tower in NoMad. Designed by Morris Adjmi Architects and developed by Ekstein Development and Pinnacle Real Estate, the slender structure will yield 70,000 square feet and 42 units marketed by Reuveni Real Estate. Residences will average 1,700 square feet apiece with prices ranging from $1.65 million to upwards of $12 million.