Last year, YIMBY’s pipeline report showed a dramatic decrease in new building filings, with 2015’s multi-family count of 32,702 units falling precipitously, to 19,356 in 2016. Fortunately, the hemorrhaging of pipeline additions has nearly come to a complete stop, and 2017 saw filings for 19,180 multi-family units, a drop of under one percent. The full report, covering all 2,030 new building applications filed last year, is downloadable in Excel format at the following link.
The blocks of Hudson Yards are the current hotspot for office construction in New York City, with supertall after supertall rising from nothing. But Midtown East might be the only location in Manhattan where major office projects are rising alongside existing fabric. While One Vanderbilt is only beginning to rise above 42nd Street, work is substantially further along at 425 Park Avenue, where Norman Foster’s vision is now climbing past the stump remaining from the site’s former occupant.
Permits have been filed by an anonymous LLC for a 17-story office building at 710 3rd Avenue, on the corner of 45th Street and 3rd Avenue, in Midtown East, Manhattan. The development will stand four blocks away from the main entrance to Grand Central Train Station, serviced by the 4, 5, 6, 7, and Shuttle trains, along with all lines on the Metro-North railroad.
The last time YIMBY checked in on Ceruzzi Properties’ 138 East 50th Street in late August, the residential tower had just climbed past its 40th floor. Now, construction appears to have reached the parapet, 800 feet and 63 floors above the Midtown streets below, as seen in the latest update from Tectonic.
YIMBY has covered One Vanderbilt’s evolution extensively, and several years after it was initially proposed, construction is now reaching well above street level. Today, we have a new look at what the uppermost portion of the tower will yield, in the form of its observation deck. The developer, SL Green, is considering several new options.