NYC is the place to be — that is, if you can find a place to live in the crowded metropolis also known as The Big Apple. The city’s developers see the need for more city dwelling places, which is why their work will add thousands of new residences to the city landscape in the coming years.
Some developers stand out as the biggest players in adding new digs to NYC. Who are these savvy developers?
1. Extell Development
Since its establishment in 1989 by Gary Barnett, Extell Development has played a role in shaping New York City. Recently, the firm has picked up speed. In the past three years, Extell has filed permit applications to build a total of almost 2 million square feet of residential space. That staggering number doesn’t include the firm’s most prominent project, the tower One57, for which they filed for permits back in 2009.
2. JDS Development Group
JDS Development Group, under the wise eye of Michael Stern, specializes in luxury residential developments. Its outstanding art-deco projects capture both the eye and the imagination. In 2012, the firm finished converting the Walker Tower, a former Verizon building, into a condo development. Now, partnered with Property Market Group, they’re working on another Verizon building. The project, called the Stella Tower, is now underway. JDS also has another project in the works at 626 First Avenue.
3. The Related Companies
Related, another top NYC developer, is operating at full capacity as it works on six different projects that’ll total about 1.27 million square feet. One such project, at 203 East 92nd Street, is a 36-story development wherein the upper floors will contain 308 residences. Other properties developed by Related include Hudson yards, 1 The Brompton, Superior Ink, The Harrison, and 225 Rector Place — and that’s just in New York. The firm also has properties in Los Angeles and Chicago.
4. The Continuum Company
Bruce Eichner’s Continuum Company made a mark in Manhattan when it finished the city’s first timeshare resort, which opened its doors in 1997. Eichner’s company ran into some financial woes in the 1990s, but now it’s back and going strong.
Continuum filed permit applications in recent years to develop two major projects. One project, in Harlem, will become the area’s tallest residential development. The other project, at 41 East 22nd Street, will feature 80 condo units. The building itself will stand out since it’ll have a cantilever over an adjacent building.
The New York City luxury real estate market is likely to thrive in the coming years as developers finish beautiful projects that call the names of well-off business people. After all, what’s better than a comfortable city home in the world’s most exciting urban environment?