After nearly half a decade of COVID stagnation, morale will be boosted as fresh, high-tech developments that will reshape NYC’s skyline are closer to reality. They’re adding sorely needed housing and new trophy commercial office space.

“The sense of stability by having a new president helps the market and it helps that the next president, Donald Trump, is in real estate,” said Adelaide Polsinelli, a commercial broker with Compass. “It has infused a lot of confidence in what’s to come in 2025.”

Look out for 942-new apartments to be built within 5 Times Square — many of which will have a bird’s-eye view of the Ball Drop Building and the tourist-filled Bow Tie.

It’s a complex project being undertaken by architect Dan Shannon’s firm MdeAS, which is also converting buildings like the landmarked 140 W. 57th St. It will transform from boutique offices into condominiums for the Feil Organization — something considered since Feil bought it in 2016.

“It is a major financial investment to convert in this market,” said Shannon. “We’ve probably looked at easily 15 and I don’t think there is an owner that hasn’t looked. Some pencil out, and some don’t.”

Once artist studios before becoming offices, construction on the project near Carnegie Hall will start during the first quarter of this year with sales to begin in the second half of 2026.

“There’s a need to address the buildings that are becoming competitively obsolete, to repurpose them for other uses and to ensure that we have vibrancy in each of our CBD submarkets,” said Scott Rechler of RXR.

“We are looking forward to delivering 47 new residential units along the famed Billionaires’ Row corridor,” said Brian Feil. “As the need for housing continues to rise, we are confident residential is the best use for this building.”

In another potential conversion, embattled developer Charles Cohen wants to create 172 units within the 27 upper floors at 623 Fifth Ave., which rises above and is connected to Saks Fifth Avenue. Cohen’s family-owned firm is also planning to demolish a squat, nine-story office building at 3-15 E. 54th St. and likely rebuild as condominiums.

Over at 830 Third Ave., 188 residential apartments will replace office space, while Quantum has teamed up with Metro Loft Management to convert 767 Third. Rudin is also eyeing a conversion for 845 Third. And finally, SL Green is expecting to spend $805 million on 750 Third to convert it to 639 apartments with 25% affordable units under the new 467-m abatement program.

“There’s a need to address the buildings that are becoming competitively obsolete, to repurpose them for other uses and to ensure that we have vibrancy in each of our CBD submarkets,” said Scott Rechler of RXR.

With the new “City of Yes” rezoning, investors and converters are focused on Midtown South where many are empty and no longer attract office users.

“I get calls every three days about office-to-residential conversions,” said Shaun Pappas, a partner attorney with Starr Associates. “It’s such a hot topic.”

There are other, even larger projects on the horizon.

Sedesco is gearing up to build a 1,100-foot-tall luxury skyscraper on Billionaires’ Row at 41 W. 57th St. with Related planning another, reaching 1,200 feet at 625 Madison. Work will be starting on the ramps for a redesigned Port Authority Bus Terminal on West 42nd Street that a decade from now could be topped by two office towers.

The state has tapped Boston Properties (now BXP), along with BRP Cos., the Moinian Group and Urbane Development to build a new $1.35 billion, 28-story Hilton conference center at 418 Eleventh Ave. across from the Javits Center that will include a 72-story building with 1,400 apartments, of which 404 will be affordable.

To also service the convention center, Marx Development is already completing a 51-story, 379 room Marriott hotel at 450 Eleventh Ave. that will reflect light from its Rubik’s Cube-like façade.

A city proposal to develop a 600-foot-tall, mixed-income apartment tower with expansion space for the Whitney Museum and offices for Friends of the High Line in the Meatpacking District. It will have sweeping views of the Hudson River, but it’s already getting backlash from NIMBYs in
this YIMBY economy.

Further downtown, Brookfield and Silverstein Properties will also develop a new 5 World Trade Center mixed-use building with housing. And if his prayers are answered, Larry Silverstein could start on the office building at 2 World Trade Center with American Express as its anchor tenant.

And, of course, there’s also a new soccer stadium and surrounding buildings coming to Queens courtesy of Related and Sterling Equities. Etihad Park is being built for the New York City Football Club on a 23-acre site at Willets Point that will include a new 650-seat public school, 2,500 units of all-affordable housing, a new hotel, retail and lots of green space.

“Since the election we are all feeling a blanket of confidence has been thrown on everyone — even the Democrats,” said residential broker Vickey Barron of Compass.

https://nypost.com/2025/01/16/real-estate/a-look-at-the-latest-crop-of-towers-rising-in-nyc/