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Manhattan Companies Copy 2

The document summarizes an analysis of the top 10 most active real estate developers in Manhattan based on square footage of developments under construction. Related Companies is the most active with 9 million square feet underway, mostly at Hudson Yards. Brookfield Property Partners is second with 3.8 million square feet, focused on Manhattan West. Extell Development's largest project is Central Park Tower at 1.2 million square feet.

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Kirat Singh
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47 views

Manhattan Companies Copy 2

The document summarizes an analysis of the top 10 most active real estate developers in Manhattan based on square footage of developments under construction. Related Companies is the most active with 9 million square feet underway, mostly at Hudson Yards. Brookfield Property Partners is second with 3.8 million square feet, focused on Manhattan West. Extell Development's largest project is Central Park Tower at 1.2 million square feet.

Uploaded by

Kirat Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
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We ranked

Manhattan’s most
active real estate
developers
Clockwise from left: 30 Hudson Yards, Central Park
Tower, Gary Barnett, Ric Clark, Stephen Ross and One
Manhattan West

One look at the Far West Side in Manhattan,


and it’s pretty clear which developers are
the city’s most active.

Related Companies and Brookfield Property


Partners are respectively the top two most
active developers in Manhattan, according
to an analysis by The Real Deal. Related is
working on 9 million square feet of
development, most of which is at Hudson
Yards, while Brookfield is handling 3.8
million square feet nearby at Manhattan
West.

TRD compiled a list of new buildings and


major renovations filed with the city’s
Department of Buildings since 2005 that
have not yet been issued a temporary
certificate of occupancy or, if a condo
building, declared effective as of mid-
January 2018. Here are the top 10
developers by square footage:

1) Related Companies | 9 million sf

The largest of Related’s active projects is 30


Hudson Yards, an office tower that’s
expected to rise nearly 1,300 feet high and
span 3.1 million square feet. Unsurprisingly,
the bulk of Related’s construction attention
is focused on Hudson Yards, where five
active projects will span 8.3 million square
feet. Nearby, on the High Line, the
developer plans to build a 181-unit condo
tower. The project, at 515 West 18th Street,
is slated to span 343,051 square feet.

2) Brookfield Property Partners | 3.8


million sf

Brookfield’s One and Two Manhattan West


office towers will respectively span 2 million
square feet and 1.7 million square feet. The
company’s developing a much smaller retail
building nearby that will be 26,841 square
feet. In a statement, the company’s
chairman, Ric Clark, noted that 1.75 million
square feet has been leased at One
Manhattan West, meaning that it’s 84
percent occupied.

3) Extell Development | 3.44 million sf

When completed, Extell’s Central Park Tower


at 217 West 57th Street will be the city’s
tallest residential building at 1,775 feet
high. The supertall is expected to be 1.2
million square feet. Though shorter, One
Manhattan Square also clocks in at around
1.2 million square feet, according to the
DOB. Central Park Tower is also the most
expensive condominium project in U.S.
history, with a targeted sellout of $4 billion.

4) Silverstein Properties | 3.4 million sf

Silverstein only has two projects under


construction: 3 World Trade Center, which
will span 2.8 million square feet, and 520
West 41st Street, which will be 609,945
square feet. The company is still waiting on
an anchor tenant for 2 World Trade Center, a
planned 2.8 million-square-foot office tower
that will be designed by Bjarke Ingels. In
September, the New York Post reported
that Deutsche Bank was looking at the
tower, as well as 50 Hudson Yards and the
Time Warner Center, as a potential new
location for its Manhattan headquarters.

5) Moinian Group | 2.6 million sf

Moinian’s largest ongoing project is 3


Hudson Boulevard, a 53-story, 1.8 million-
square-foot office tower on Manhattan’s Far
West Side. The developer is trying to raise
between $250 million and $350 million in
EB-5 funding for the project, which is
expected to cost more than $2 billion. The
tower still doesn’t have an anchor tenant.

6) Tishman Speyer | 2.2 million sf

The Bjarke Ingels-designed office building


at 509 West 34th Street, dubbed “the
Spiral,” is expected to span 2.2 million
square feet. The project is the only new
building that Tishman Speyer is currently
working on that hasn’t yet been issued a
TCO. Pfizer agreed in August to take 800,000
square feet and become the building’s
anchor tenant.

7) Anbang Insurance Group | 1.63


million sf

Earlier this week, the CEO of Hilton


Worldwide Holdings announced that despite
reports that Anbang is selling off its assets,
the Waldorf Astoria isn’t one of them. The
Chinese firm closed the Waldorf last year, to
begin converting the storied hotel into 409
condo units.

8) GID Development Group | 1.61


million sf

GID is working on three residential projects,


all of which are part of the developer’s
massive Waterline Square development on
the Upper West Side. The largest of the
towers is Two Waterline Square at 400 West
61st Street, which will be 880, 994 square
feet.

9) HFZ Capital Group | 1.5 million sf

Another Bjarke Ingels-designed building is


among the largest currently under
construction. HFZ’s 76 Eleventh Avenue,
known as the Eleventh, will feature two
towers — 25 and 35 stories — that appear to
be twisting away from each other, as if
frozen in the middle of a dance. The project
will span 764,332 square feet.

10) Chetrit Group | 1.47 million sf

Chetrit is working on five buildings, the


largest of which is a 380,341-square-foot
residential building at 209 East 19th
Street that will be part of the four-building
development known as Gramercy Square.
The second-largest is a condo building also
planned for the development at 228 East
20th Street, which will be 375,107 square
feet. The third-largest is a 46-story, hotel
and residential building planned for 545
West 37th Street. That project is expected to
be 373,275 square feet.

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