Planning underway for Brooklyn's second tallest building
- Designers have unveiled their plans for what will be, if approved, Brooklyn, NY's second tallest building, according to Dezeen.
- The Kohn Pedersen Fox-designed 720-foot-tall, 68-story skyscraper will feature 458 apartments, indoor and outdoor recreation and entertainment spaces, as well as a retail component in the tower's base. The for-sale residential units will range from $840,000 to $4 million, according to Curbed New York.
- New York City-based Extell Development is the project lead. When the tower is complete, it will be renamed from Brooklyn Point to 1 City Point and become a companion to Extell's City Point Tower One development.
While Brooklyn has seen notable growth during the past several years, as of 2016, Manhattan still dominated the new construction market. A New York Building Congress analysis of Dodge Data & Analytics starts data revealed that new construction in Manhattan represented 58% of all 2016 building projects in New York City, according to Curbed New York. In the residential sub-sector, Brooklyn laid claim to just 24% of all starts, with Manhattan leading the way with 50% of new projects.
The surge in development, however, could have hit its peak, according to an August Commercial Observer analysis of Dodge data. The dollar value of residential and nonresidential starts fell 27% year over year for the first half of 2017 from $10 billion to $7.2 billion. Activity plunged 63% from $19.3 billion when compared to the same period in 2015. However, Robert Murray, Dodge chief economist, told Commercial Observer that this shift was likely a "settling back" from 2015's "exceptional pace."
One of the projects contributing to 2015's stellar figures is the still-ongoing $25 billion Hudson Yards development, which will provide 50 million square feet of office, retail and residential space, as well as 5,000 affordable housing units. The project is expected to add $18.9 billion to the New York City economy during its development phase and will represent 2.5% of the city's gross domestic product, according to consulting firm Appleseed. In addition to the economic impact, Hudson Yards is expected to deliver almost $500 million in tax revenue.
One of the latest pieces of news from Hudson Yards is that Tishman Speyer has managed to secure the last chunk of air rights necessary for the developer to move forward with a $3.2 billion, 65-story office tower dubbed The Spiral. The Bjarke Ingels Group (BIG) designed the high-rise, which will feature landscaped terraces snaking up the exterior.
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