Now that New York City has reopened, where are the biggest jobs going to be happening? Overall, the trend is that the most significant, and most expensive, developments are almost all offices or mixed-use.

According to the Department of Buildings below are the top jobs in NYC still in progress, ranked by the estimated cost of active construction.

 

1. 30 Hudson Yards (aka 500 West 33rd Street)

Developer(s) and owner: Related Companies, Oxford Properties Group, Allianz Insurance
General contractor: Tishman Construction
Estimated cost of active construction at the site: $577 million

  • Major office tenants include Facebook and AT&T’s Warner Media Group. Facebook announced in November it would lease 265,000 square feet

 

2. One Wall Street

Developer(s) and owner: Macklowe Properties, Former Qatari Prime Minister Sheikh Hamad Bin Jassim Bin Jaber al-Thani (HBJ)
General contractor: JT Magen & Company
Estimated cost of active construction: $448 million

  • Whole Foods and Life Time Fitness have signed leases for ground-floor space at the skyscraper, and in May 2018, sources told The Real Deal that Target was in negotiations to lease 35,000 square feet at the base.

 

3. 50 Hudson Yards (alternate address: 415 10th Avenue)

Developer(s) and Ownership: Related Companies, Oxford Properties, Mitsui Fudosan America
General contractor: Hudson Yards Construction II
Estimated cost of active construction: $431 million

  • The private equity giant Blackrock, which paid $1.25 billion for 847,000 square feet in May 2017, was the first company to sign a lease at 50 Hudson Yards. More recently, new tenants include Facebook, which announced late last year that it would lease 1.2 million square feet and international law firm Debevoise & Plimpton, which leased a 450,000-square-foot space in February of last year.

 

4. 500 Washington Street (St. John’s Terminal)

Developer(s) and owner: Westbrook Partners, Atlas Capital Group, Oxford Properties, Canada Pension Plan
General contractor: Turner Construction Company
Estimated cost of active construction: $428 million

  • In late 2018, the St. John’s Terminal redevelopment was grabbed by Google for its $1 billion, 1.7 million-square-foot Hudson Square campus. In the coming years, Google plans to bring more than 7,000 more employees to this location.

 

5. 509 West 34th Street (The Spiral)

Developer(s) and owner: Tishman Speyer, HNA
General contractor: Turner Construction
Estimated cost of active construction at the site: $328 million

  • In August 2017, the major pharmaceutical company Pfizer announced it would lease 800,000 square feet at The Spiral.

 

We are happy to be part of the construction firms in New York City who are resuming work and opening job sites. Overall, we are hopeful that the entire industry will make a comeback and fuel the economy back into New York City.