Developers had big plans at the end of 2019.
From supertalls that would push Manhattan’s skyline even higher to waterfront developments bridging the Big Apple with the beach, the hottest proposals of the pre-pandemic period promised to break records and precedent.
The three years that have followed ushered in a lifetime’s worth of change, and mixed results for the renderings we crowned the hottest of the time.
Here’s the latest on where those projects stand:
1) Macklowe’s legacy
A rendering of Tower Fifth (NYT)
Developer Harry Macklowe rang in 2019 by unveiling plans to top his 432 Park skyscraper with a 1,550-plus-foot Midtown office tower that would be the second-tallest building in the Western Hemisphere.
The developer in October 2019 landed a $192 refinancing package for three parcels, two of which are part of the assemblage intended for the proposed the billion-dollar supertall, dubbed Tower Fifth.
Demolition was later put on hold, New York YIMBY reported in Nov. 2020. The outlet reported new renderings at the time showed the tower set on a pedestal, which would house access to elevators and retail tenants.
The potentially record-breaking development appears to have made no headlines since.
2) An homage to the Shard
350 Park Avenue (Vornado Realty Trust)
No ground has been broken for this project, which would pay homage to London’s iconic Shard tower, but the prospect of a new, 1.7 million square foot tower in Midtown East got a major bump earlier this month when Ken Griffin’s Citadel committed to the master lease of the building.
The project calls for the demolition of the buildings at 350 Park Avenue and 40 East 52nd Street.
Under the terms of the deal, Citadel will master-lease Vornado’s 585,000-square-foot 350 Park Avenue for 10 years, with an initial annual rent of $36 million. Citadel will also master-lease Rudin’s adjacent 390,000-square-foot property at 40 East 52nd Street.
Vornado will form a joint venture with Rudin to buy 39 East 51st Street for $40 million and will combine that site with 350 Park Avenue and 40 East 52nd Street.
The deal gives Griffin the option to acquire a majority interest in the joint venture or exercise an option to buy the site outright for $1.4 billion and go it alone on development.
3) Disney comes to Hudson Square
4 Hudson Square (SOM)
The Walt Disney Company applied in Aug. 2019 to construct a 19-story, nearly 1.3 million-square-foot building at 4 Hudson Square
Construction has since plodded along at the building designed by Skidmore, Owings & Merrill and developed by Silverstein Properties, New York YIMBY reported in April. The 338-foot-tall structure, which is set to include 1.2 million square feet of office, production and retail space, is expected to be completed sometime this year.
4) Breath of Fresh Air
A rendering of Pier 97 (Credit: Hudson River Park Trust)
New York City might be expensive, crowded and dirty, but it increasingly has the green space to make up for it, thanks in part to a new waterfront park in Hell’s Kitchen.
Work started last November and is “well underway” to transform Pier 97 into a landscaped oasis filled with walking paths, a playground, art and an all-ages slide, among other amenities, the Hudson River Park Trust said. A representative for the trust said the park should be open to the public by this coming fall, slightly behind schedule due to supply chain issues.
5) First Mover
A rendering of 270 Park Avenue (ATCHAIN)
JPMorgan Chase is proceeding with another project that will transform the Midtown skyline, though there’s nothing new since April, when the bank unveiled plans for the building.
Plans call for a supertall 1,400-foot, 60-story skyscraper with net zero operational admissions, powered entirely by renewable energy. It will house up to 14,000 employees and will use AI, advanced water storage and triple pane glazing to minimize energy usage.
The project, which will yield 2.5 million square feet of office space, is expected to be completed in 2025.
6) Fifth Avenue zen
A rendering of the Crown Building conversion (OKO Group)
The ink has barely dried on the record sales at the Crown Building, but billionaire owner Vlad Doronin is already reportedly considering selling the property, where the top 20 floors are being converted into 22 luxury condos and an 83-room hotel. If he goes through with it, he could get $600 million for the property.
Doronin’s OKO Group in June closed on $754 million in refinancing for the project, which in August reeled in the most expensive condo sale in Manhattan, when a unit went for $53.4 million.
Doronin and developer Michael Shvo bought the property in 2015 for $475 million. Shvo was sidelined from the project in 2017 after being indicted on tax evasion charges, but retained an equity stake.
7) Banking on the Bronx
Renderings of Brookfield’s Bankside in the South Bronx (ArX Solutions)
Brookfield released renderings in Nov. 2019, showing its megaproject on the Mott Haven waterfront would include a seven-building spread and 34,000-square-foot park.
The developer broke ground on the project, dubbed Bankside, in late 2019 and it has been steadily rising since. The development is slated to deliver more than 1,400 units, a third of which will be designated as affordable.
8) Whimsical Williamsburg
A rendering of Two Trees’ Williamsburg project designed by Bjarke Ingels (James Corner Field Operations and BIG)
A new master plan designed by Bjarke Ingels and landscape architecture firm James Corner Field Operations aimed to make life on the Williamsburg waterfront a beach, complete with two mixed-use towers, a park and circular breakwater that doubles as a promenade
The city in Dec. 2021 greenlit the project, dubbed River Ring, clearing the way for more than 1,050 apartments, 263 of which would be affordable, office and retail space, along with communal outdoor spaces.