Construction Update

The Borden Complex Tops Out at 23-30 Borden Avenue in Long Island City, Queens

Construction has partially topped out on The Borden Complex, a five-story industrial building at 23-30 Borden Avenue in Long Island City, Queens. Designed by KSS Architects for Innovo Property Group, which acquired the property for $75 million with Atalaya Capital Management and Nan Fung Group, the 166-foot-tall structure will span 840,000 square feet and house logistics and warehouse space featuring truck courts, a distribution center, two stories of film and television studios, office space, and on-site vertical parking. Earlier this summer, IPG closed on a $435 million loan from Starwood Property Trust and JPMorgan to refinance the development. March Associates Construction is the general contractor for the project, which is located between Borden Avenue and Newton Creek. HLW is the designer of the studio facility within the building.

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Rendering of 50 West 66th Street - Snøhetta

50 West 66th Street Rises on Manhattan’s Upper West Side

The 13th-tallest building on our year-end construction countdown is 50 West 66th Street, a 69-story residential skyscraper on Manhattan’s Upper West Side. Designed by Snøhetta with SLCE as the executive architect, and developed by Extell and Tennor Holding B.V., the 775-foot-tall structure will yield 127 condominium units and secure the distinction of the tallest building in Manhattan north of 59th Street. Lendlease is the general contractor for the property, which is located between West 66th Street to the north, West 65th Street to the south, Central Park West to the east, and the intersection of Broadway and Columbus Avenue to the west.

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One Madison Avenue’s Tower Expansion Tops Out in Flatiron District, Manhattan

Construction has topped out on One Madison Avenue, a 27-story commercial building in the Flatiron District. Designed by Kohn Pedersen Fox and developed by SL Green, the National Pension Service of Korea, and Hines, the project involves the gut renovation and expansion of a former eight-story structure and will yield 1.4 million square feet of office space as well as retail space and a slate of amenities. Banker Steel provided the steelwork,  NYC  Constructors is assembling the new expansion, and AECOM Tishman is the construction manager for the property, which occupies a full block at the southeast corner of Madison Square Park.

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Updated renderings of Nova at 41-05 29th Street - Fogarty Finger

Developers Secure $62M Loan for NOVA Condominium Tower at 41-05 29th Street in Long Island City, Queens

SB Development and Hazelton Capital Group have secured a $62 million loan to facilitate the completion of Nova, an 86-unit condominium tower at 41-05 29th Street in Long Island City, Queens. Designed by Fogarty Finger, the residential collection will range from studios up to three-bedroom layouts, with no more than five units per floor. The loan was provided by Northwind Group, a Manhattan-based real estate private equity firm.

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Foundation Work Begins at 43-30 24th Street in Long Island City, Queens

Number 14 on our December countdown of the tallest buildings under construction in New York is 43-30 24th Street, a 66-story residential skyscraper in Long Island City, Queens. Designed by Hill West Architects and developed by Carmel Partners, the 731-foot-tall tower will yield 921 units spread across 838,000 square feet and 17,400 square feet of ground-floor commercial retail space. The developer purchased the 79,250-square-foot full-block parcel from Stawski Partners for $200 million in March and later secured a $364 million construction loan from Wells Fargo to complete the project. Carmel Construction East is the general contractor for the property, which is bound by 43rd Avenue to the north, 44th Road to the south, 24th Street to the east, and 23rd Street to the west.

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