Until 2017, residential development in downtown Newark was largely a figment of developers’ imaginations. Over the decade prior, proposals were ambitious but financing was scarce. The one project that had gained financing, Eleven80, a rehabilitation-and-reuse of a long dormant former office building, had gone into foreclosure in 2009, reemerging several years later as a diamond in the rough, Downtown’s lone successful project. Meanwhile, supporting retail was extremely limited.
Since its founding in 1990, Kenneth Horn’s Alchemy Properties has acquired over two million square feet of residential space in New York City. During those 28 years, Mr. Horn has personally overseen the sales of $2 billion of real estate, all with a staff of about thirty people. With a full slate of new developments in the works, YIMBY sat down with Ken to discuss the firm’s current plans.
While YIMBY normally covers aggregate new building applications on an annual basis, this year, we have released our first mid-year pipeline report, and the results are surprisingly positive. After two years of declining applications following the frenzies of 2014 and 2015, the preliminary numbers for 2018 appear to be signaling a major uptick in activity. Year-over-year filings of new residential units have grown substantially, rising from 9,134 in the first six months of 2017, to 15,305 in 2018 — an increase of 67.5%.
Last week, YIMBY featured a look at some of the highest and most expensive real estate in the Western Hemisphere, scattered across the uppermost reaches of the Manhattan skyline. Today, we have an interview with a developer whose condominiums often attain similar price-points, even though they’re normally located much closer to street level. YIMBY sat down with DDG’s CEO Joe McMillan to discuss the firm’s current slate of work, their in-house design and development process, and the finer details on major sites like 180 East 88th Street on the Upper East Side, and challenging ones, like 100 Franklin in Tribeca.
Few individuals are as versed on the machinations of the Five Boroughs as former Governor Eliot Spitzer. Since leaving office and rejoining Spitzer Enterprises, his eponymous firm has embarked on a substantial building boom, with three towers on the Williamsburg waterfront at 420 Kent Avenue now nearing their opening date. YIMBY sat down with Spitzer to discuss his latest projects, the ongoing evolution of Williamsburg and its waterfront, as well as his thoughts on 270 Park Avenue and the potential repeal of the state cap on residential FAR.