NY Metro Region Leads U.S. in Commercial, Multi-family Construction Starts
The New York City metropolitan area led the U.S. in commercial and multi-family construction starts in the first half of 2015 as measured by dollar value, according to Dodge Data & Analytics.
A total of $17.3 billion of commercial and multi-family projects in the New York metropolitan area broke ground during between January and June, up 72% from the same period last year.
In the first half of the year, the New York metropolitan area showed growth in both commercial building, up 84% from last year, and in multi-family units, up 67% from a year ago.
Large commercial building projects that broke ground during in the first half of the year included two structures at the Hudson Yards development on Manhattan’s West Side, the $1.2 billion 30 Hudson Yards office/retail tower and the $400 million 55 Hudson Yards office tower.
Other large commercial building projects that reached groundbreaking included the $575 million 1 Manhattan West project, the $200 million South Street Seaport Pier 17 retail center, and a $150 million tenant install at 10 Hudson Yards.
In the multi-family segment, 24 projects valued at $100 million or greater broke ground in the first half of 2015, led by the $600 million 1800 Park Ave. apartment building, the $500 million 109 W. 57th St. apartment building, and the $500 million first phase addition to Flushing Commons in Queens.