Manhattan development has decidedly grown to huge proportions during the current construction craze.
Overall, developers here have more than 64 million square feet of residential development in the works, comprised of over 440 projects and an astounding 47,285 units, according to The Real Deal magazine’s analysis of building permits and offering plans filed between Jan. 1, 2011 and July 31, 2015. If there was any doubt that Manhattan is where the big dogs play, the volume of construction here bested the next busiest borough, Brooklyn, by more than 20 million square feet.
Manhattan’s largest single-building residential project since 2011 is the Moinian Group’s 71-story rental at 605 West 42nd Street known as Sky, which is nearing completion. Rental prices at the 1.4-million-square-foot, 1,175-unit tower range from $3,000 for studios to $6,175 for two-bedrooms.
Related Companies’ Hudson Yards multi-building project will total 17.4 million square feet when completed, including 5,000 residential units, five office towers and retail space.