New building applications for single and multi-family residential developments in New York City saw a major slowdown in 2016, as the fading boom following the changes that occurred at the Department of Buildings in 2014 began to slack further. Numbers have plunged by over half since 2014, and by 38 percent since 2015. The full report with spreadsheets covering every new building application is available at the research store.
23-15 44th Drive
The 79-story tower headed for 23-15 44th Drive in Long Island City will likely become the first supertall building in Queens.
Developer Chris Xu is working on huge, mixed-use projects in Flushing, Elmhurst and Jamaica, and now he’s filed plans for a 79-story residential tower at 23-15 44th Drive in Long Island City.
Earlier this year, Citigroup began advertising their development site at 23-15 44th Drive, in Long Island City, and now Jia Shu Xu’s C&G Empire Realty is acquiring the property for $143 million. The 36,000 square-foot site — a block from the Court Square stations serviced by the E, M, G and 7 trains — boasts roughly 780,000 square feet of building potential in the form of residential or commercial space. The new owner’s plans have not been disclosed, but existing three- and single-story structures must first be demolished.
616 Bushwick Avenue [Brownstoner]: Cayuga Capital’s seven-story residential project at 616 Bushwick Avenue, in northern Bushwick, has topped out. The adjacent four-story building at 626 Bushwick is being converted to residential, and the two will total 99 units. Completion…