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You may feel a brand new development is a right choice for you. After all, nobody has lived in your apartment, and everything is brand new. This should give you peace of mind, and you may feel this alleviates all your worries.
You should not enter this decision to purchase or rent in a newly constructed building lightly, however. There are many developers that do not have a great reputation, and your purchase could quickly escalate into a nightmare. We give a breakdown on those that have a large presence in the city.
Founded in 1972, Related Companies has developed properties in a number of locations besides New York City, including Boston, Chicago, California, Washington D.C., South Florida, and internationally in Abu Dhabi and Shanghai. Recently, it is developing Hudson Yards with the Ontario Municipal Employees Retirement System’s real estate investment arm. This is a 26-acre area that was formerly the West Side Yards.
Below is a list of NYC residential properties (there is Hunters Point South, an affordable property in its portfolio).
1214 Fifth Avenue, 456 Washington Street, 89 Murray Street, MiMA (450 West 42nd Street), One Carnegie Hill, One Hudson Yards, One Union Square South, Riverwalk Crossing, Riverwalk Point, The Caledonia, The Easton, The Lyric, The Sierra, The Strathmore, The Tate, The Ventura, The Westminster, The Westport, Tribeca Green, Tribeca Park, Tribeca Tower.
225 Rector Place, 35 Hudson Yards, 520 West 28th, Astor Place, Bertelsmann/Random House Headquarters (mixed use), Carnegie Park, One Carnegie Hill, One Central Park, Residences at Mandarin Oriental, Riverwalk Court, Superior Ink, The Brompton, The Caledonia, The Chatham, The Harrison, The Park Imperial, The Veneto and the most recent 70 Vestry. On the back of the success of 70 Vestry Related is working on 511 West 18th Street and 500 West 19th Street in Chelsea with a projected completion date of December 2020.
Extell Development, established in 1989, primarily focuses its developmental efforts in New York City. It has amassed more than 25 million square feet across residential, commercial, hospitality, and mixed-use properties. This includes developments in Long Branch, New Jersey, Park City, Utah, and Vail Colorado).
NYC Residential properties: You can check the website for availability.
1010 Park Avenue (estimated to be completed in 2018), 212 East 47th Street, 31 West 11th Street, 330 East 72nd Street, 500 East 14th Street, 535 West End Avenue, 555Ten (luxury rentals), 70 Charlton (new development), 995 Fifth Avenue, Altair 18/20, Ariel East, Ariel West, Brooklyn Point, Central Park Tower, One Manhattan Square (estimated to be completed in 2018), One Riverside Park (completed in 2015), One57 (completed in 2015), The Aldyn, The Ashley, The Avery, The Belnord, The Carlton House (completed in 2015), The Kent (estimated completion in 2018), The Lucida, The Orion, The Rushmore.
The firm rise to fame came when it sold the United Nations its 17-acre site on the East Side. The patriarch, William Zeckendorf, was also responsible for helping shape the city’s landscape and at one time owned marquee properties such as the Chrysler Building and Hotel Astor.
Arthur Zeckendorf and his brother William Lie Zeckendorf, through Zeckendorf Development, LLC have developed over $4 billion worth of properties. The most recent is 520 Park Avenue that will have full floor apartments and will be the tallest building on the Upper East Side. Completed buildings include 15 Central Park West, 18 Gramercy Park, and 50 United Nations Plaza.
Arthur Zeckendorf is also co-chairman of Terra Holdings, the parent company of Brown Harris Stevens and Halstead Property. He helped develop and market the Columbia Condominium, The Park Belvedere Condominium, The Vanderbilt Condominium, Zeckendorf Towers (mainly sales and marketing), Central Park Place, World Wide Plaza, and The Gotham Condominium.
15 Central Park West
JDS Development undertakes all phases of real estate development, including performing the construction on its luxury projects, which encompass residential, hospitality, and mixed-use. The company has over nine million square feet in various stages in New York (including the outer boroughs) and South Florida, with the Walker Tower and Stella Tower, two former Verizon buildings, as notable properties, along with 626 First Avenue and 111 West 57th Street.
NYC Residential properties:
Walker Tower, Stella Tower, 111 West 57th Street, The Fitzroy, The Baltic, Brooklyn Dime Savings Bank/9 DeKalb, Cherry Street, Saltmeadow, 202 8th Street, 50 North 1st Street.
Broad Street Development
Broad Street Development focuses on developing New York City commercial real estate although it does own some residential buildings. A relative newcomer, the company, was launched with the acquisition of 61 Broadway.
Its holdings are in Manhattan, and its residents include 298 Mulberry (mixed-use built in 1986 and purchased in 2014), 215 Sullivan (luxury condo development), 184 Thompson (converted from mixed-use residential and retail to condos in 2006) Maison East (31 story residential building), 210 and 220 East 22nd Street (adjacent residential rental apartments consisting of 208 units). Broad Street is now gearing up to officially launch the beautiful and exciting 40 Bleecker Street in Noho.
40 Bleecker Street
A New York-based real estate development company, the firm’s initial focus was the city’s outer boroughs in the 1980s and 1990s. The initial company was led by Joseph Chetrit, with his three brothers, Meyer, Jacob, and Juda, heavily involved. In 2011, the real estate business was split between brothers Joseph and Meyer operating the Chetrit Group and Jacob and Juda running the Chetrit Organization.
The Chetrit Group owns major properties such as 500 7th Avenue and 512 7th Avenue, and Park West Village. Chetrit owns an interest in the famed Willis Tower (formerly the Sears Tower) in Chicago and ownership in Manhattan office buildings. Turning to residential properties, a major undertaking was the purchase of Sony Building, 550 Madison Avenue, but the company sold it rather than converting it to a hotel and high-end condos.
The company does not appear to have a website, making information difficult to obtain. However, management is known to be astute operators, taking advantage of market conditions.
HFZ Capital Group is involved in several facets of the real estate business, including developing luxury residential condos in Manhattan. Its property under management and development totals 6 million square feet and about 2,500 units. HFZ is known for restoring historical buildings.
Its properties are mixed-use residential condos at 505 West 19th Street, One Madison Avenue, Halcyon at 305 East 51st Street, The Marquand, 11 Beach Street, 215 Chrystie Street, the Chatsworth, The Bryant, the Astor, the Metro, and 88 and 90 Lexington Avenue. HFZ is also renovating 301 West 53rd Street, formerly known as The Metro, which will have 250 luxury apartments on 25 floors.
Rentals are at The Belnord, The Tempo, The Gerard, and Herald Towers.
Ian Schrager Company was founded in 2005 after the namesake left Morgans Hotel, another company he started. While Ian Schrager has developed and managed hotels, the company also owns, develops and manages residential and mixed-use properties.
These include 40 Bond Street, 50 Gramercy Park North, with two luxury properties, 215 Chrystie (11 condo units) and 160 Leroy (57 apartments), under development.
160 Leroy Street
Lev Leviev and Shaya Boymelgreen ended their partnership about a decade ago. Leviev gained control of 23 Wall Street and 88 Leonard Street, as well as the commercial portion of 15 Broad Street, Gowanus Village, and W Squared. Shaya Boymelgreen received control over Atlantic Court, 10 Chelsea, Beachfront Community, and the commercial interest in 84 Front Street and 85 Adams Street.
There have been some legal issues, with Shaya Boymelgreen entering into a 2016 agreement with New York Attorney General that requires his company to fix construction issues and building violations at the six buildings developed in the city.
These properties include condo buildings at 20 Pine Street, 85 Adams Street in Brooklyn, and 15 Broad Street. There were other issues predating this settlement.
Macklowe Properties, founded about 50 years ago, is a venerable New York City real estate company. An integrated company, it has developed over 13 million square feet of commercial and residential real estate.
Its current projects are 432 Park Avenue (tallest residential building in the Western Hemisphere), One Wall Street, and 200 East 59th Street. In the past, it has developed ThreeTen East 53rd Street. Commercial development includes noteworthy properties such as the Apple Store and the General Motors Building.
432 Park Avenue
Milstein Properties has developed or acquired more than 50,000 apartments over its 80-year history, seeking to provide luxury New York City living. Its holding is primarily in Manhattan, although it does own rental property in Bronx’s Riverdale section. Its rental portfolio includes Liberty Luxe and Liberty Green, in Battery Park City, 30 Lincoln Plaza, Bristol Plaza, Claridge House, Courtney House, The Highgate, Liberty View, and Stone Hedge on the Palisades.
Vornado Realty Trust
Vornado Realty Trust is a publicly-traded real estate investment trust (REIT), with its portfolio concentrated in New York City. Its city residential holdings encompass 2,008 units in 12 properties. Vornado is also constructing 220 Central Park South, a luxury condominium tower containing 400,000 salable square feet, expected to be delivered next year and 37-57 Lispenard Street.
Its rental units are The Lucida (151 East 85th Street), 677-679 Madison Avenue, 50/70 West 93rd Street, 478-486 Broadway, and Independence Plaza (40 Harrison Street). In Queens, it owns The Alexander at Rego Park (61-35 Junction Boulevard), a 312 unit luxury building above Rego Center.