A new rendering was recently revealed for 1527 York Avenue, a 20-story residential building on Manhattan’s Upper East Side. Developed in a joint venture between Grand Cru Real Estate (GCRE) and Visabe, the structure will yield 28 condominium units in one- to five-bedroom layouts. The property is alternately addressed as 454 East 81st Street and is located at the southwest corner of York Avenue and East 81st Street. An architect was not publicly disclosed.
The rendering previews a massing with rounded corners and two upper setbacks topped with terraces. Loggia terraces are depicted around the midpoint of the eastern elevation and along the northwest corner, and the structure will culminate in an expansive landscaped roof deck beside a short bulkhead. The façade will be composed of light gray stone and earth-toned spandrels framing a grid of large windows with black mullions. The entrance to the double-height lobby will be positioned along East 81st Street.
The site is currently occupied by multiple low-rise buildings that will require demolition.
1527 York Avenue, circa August 2026. Photo by Michael Young.
The developers recently secured a $52.5 million construction loan from S3 Capital to build the project. Residential amenities will include a full-time doorman, fitness center, recreation lounge, and children’s playroom.
The nearest subway is the Q train at the 86th Street station to the northwest at Second Avenue.
Construction on 1527 York Avenue is slated to begin in early 2027.
New fund targets middle-market Manhattan acquisitions and the transformation of former office buildings into properties positioned for their next chapter
NEW YORK, September 30, 2026 — Fortis Investment Group and the Marino Group announced that they have secured $350 million in financing for Fortuna 2026, a real estate investment fund focused on middle-market acquisitions and the reconstruction, modernization, and repositioning of former office buildings in Manhattan.
Backed by capital from institutional investors and private-sector participants, Fortuna 2026 will pursue opportunities to acquire properties with substantial redevelopment potential and transform them into assets designed for contemporary demand and long-term value creation.
The fund’s strategy centers on a clear investment premise: a building’s previous use need not define its future. Through disciplined acquisitions, thoughtful planning, and focused execution, Fortis and the Marino Group intend to unlock the potential of properties whose locations and underlying characteristics offer a compelling foundation for reinvestment.
Investing in Manhattan’s Next Chapter
Fortuna 2026 will concentrate on middle-market properties where targeted capital investment and active management can make a meaningful difference. Its approach will combine acquisition analysis with a property-specific assessment of reconstruction needs, potential uses, operating performance, and the path to successful redevelopment.
Depending on each building’s physical characteristics, zoning, approvals, and financial feasibility, the fund will evaluate opportunities for modernization, adaptive reuse, and broader repositioning. The objective is to create properties that serve evolving tenant and community needs while maintaining a disciplined focus on investment economics.
Rather than applying a single redevelopment formula, Fortuna 2026 will assess each opportunity on its individual merits, with attention to acquisition cost, construction requirements, financing structure, and the potential for durable income and appreciation.
Institutional and Private Capital, Shared Investment Purpose
The financing brings together institutional and private-sector capital around a shared objective: identifying overlooked potential and supporting the work required to realize it.
Fortis and the Marino Group intend to deploy that capital selectively, emphasizing thorough due diligence, realistic project budgets, and hands-on oversight throughout the investment cycle. The fund’s priorities will include prudent capital allocation, clear execution plans, and accountability from acquisition through reconstruction and eventual stabilization or disposition.
The $350 million financing provides the platform with the capacity to pursue a portfolio of opportunities while evaluating each investment against the fund’s return objectives and risk parameters.
A Forward-Looking Platform
Operating from its New York base at 45 Rockefeller Plaza, Fortis Investment Group will bring its investment and real estate focus to the development of the Fortuna 2026 portfolio.
Under the leadership of D.J. Marino, Managing Partner of Fortis Investment Group, the initiative will emphasize the connection between investment judgment and practical execution: buying thoughtfully, planning carefully, and directing capital toward improvements that strengthen a property’s usefulness and value.
Fortuna 2026 represents a forward-looking commitment to Manhattan and to the potential of existing buildings to contribute to its continued evolution. Fortis and the Marino Group aim to pair that ambition with disciplined underwriting and a deliberate acquisition process.
About Fortuna 2026
Fortuna 2026 is a real estate investment fund sponsored by Fortis Investment Group and the Marino Group, focused on middle-market acquisitions and the reconstruction, modernization, and repositioning of former office buildings in Manhattan.
Many of the company’s other developments are rising along Homestead Place, a partially completed and expanding pedestrian plaza that aims to connect the stretch of former roadway to the area’s PATH station. Their newest development will take up the entire western frontage of Summit Avenue between Pavonia and Van Reipen Avenues.
Homestead Market will include a new pedestrian plaza featuring retail between the towers. Image courtesy Namdar Group.
Designed by C3D Architecture, the approved Homestead Market will be built in two phases as a pair of separate but connected 47-story towers, each rising 513 feet. The sheer number of units – a total of 1,517 residences- puts it just shy of the recently completed The Journal in terms of scale.
The first phase of the development includes 863 residential dwelling units, 87 of which would be designated as affordable housing. The initial portion also includes 26 hotel rooms accessed via a separate lobby, plus 2,227 square feet of ground-floor retail.
Phase two of the project would rise just south of the property and feature 654 units, with 66 to be designated as affordable housing. 15 hotel rooms plus 2,909 square feet of ground-floor retail are also included in this portion.
Image courtesy Namdar Group.
The unit mix at the development skews toward smaller units, with a whopping 1,142 of the total being studios. The complex will be rounded out with 214 one-bedrooms, 96 two-bedrooms, and 32 three-bedrooms.
However, the affordable housing units notably will be larger. 31 of the affordable residences will have one bedroom, 91 will have two bedrooms, and all but one of the three-bedroom units will be designated as affordable.
The property is located just a short walk from the Journal Square PATH station and does not include any vehicle parking component. The hotel rooms at the complex will be located on the lower floors of both buildings.
Planned amenities at the property include co-working spaces and a party room, lounge, and gym facility on the development’s 47th floor. The roof of the development will include both an indoor and outdoor amenity area.
The two towers will include a total of five retail spaces on the ground floor, and a pedestrian walkway will be built between them. The plaza will eventually connect to Homestead Place through two other towers currently under construction at 612 Pavonia Ave and 29 Van Reipen Avenue.
The project is eligible for the full building height by utilizing the Commercial Use Bonus and the affordable housing accommodations included in the Journal Square 2060 Redevelopment Plan.
The development was granted several other variances by the board during approval, including deviations relating to the tower front setback along Van Reipen, Summit, and Pavonia Avenues, side yard setbacks, setback, the tower base sideline setback, the depth of the retail space, and a partial loading zone exception.
A construction timeline for Homestead Place has not been announced, but Namdar is hard at work building both 612 Pavonia Ave and 29 Van Reipen Avenue just steps away from their newly approved development.
YIMBY has obtained exclusive new renderings of 262 Fifth Avenue, a 52-story residential skyscraper under construction in NoMad, Manhattan. Designed by Meganom and developed by Boris Kuzinez of Five Points Development, the 860-foot-tall structure will yield 26 full-floor and duplex condominium units with an average scope of 3,200 square feet, including at least one quadruplex unit. SLCE Architects is the executive architect for the property, which is located at the southwest corner of Fifth Avenue and West 29th Street.
The above and below renderings look south at the tower at dusk, showcasing the views of Lower Manhattan from the upper levels. The second image offers an updated perspective of the illuminated crown. The soaring rectangular frame will be clad in concave gold paneling above the private penthouse terrace, which will come with an outdoor swimming pool.
The crown of 262 Fifth Avenue. Rendering courtesy of Hayes Davidson.
The following new rendering previews the midpoint open-air cutout, which will serve as a communal terrace. The northern and southern ends will be lined with glass railings for unobstructed skyline views, while the side walls and ceiling will be clad in reflective aluminum paneling.
The communal loggia space. Rendering courtesy of Hayes Davidson.
The first official interior renderings below highlight an upper level unit and its column-free layout. Floor-to-ceiling windows will frame panoramas of the Lower Manhattan skyline to the south and close-up vistas of the Empire State Building to the north. The apartments will make extensive use of wood paneling, and duplex units will feature spiral staircases. One of the eastern elevation’s porthole windows is visible in the first living room image.
Rendering courtesy of Hayes Davidson.
Amenities will include a fitness center, as seen below. The full list of amenities has yet to be revealed.
Nearly all of the remaining black photovoltaic paneling has been installed on the southern face of the skyscraper’s core since our last update in early April, when the hoist was still mounted to this wall. The same materials will be applied to the western and northern sides of the core, creating a contrast with the reflective glass curtain wall.
262 Fifth Avenue. Photo by Michael Young.
Work has also progressed on the midpoint cutout, which is now lined with its aluminum paneling.
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Sidewalk barriers and metal fencing still surround the ground level of the property, where the cantilevering half-moon entrance canopy is taking shape.
262 Fifth Avenue. Photo by Michael Young.
Window installation is moving along on the slender western elevation. Many of the voids are still covered with wooden boards as crews continue to finish the core’s concrete surface.
Nikki Field and Ben Pofcher from The Field Team at Sotheby’s International Realty will lead sales and marketing for the units, working in partnership with The Sotheby’s International Realty Development Advisors.
The nearest subways from the development are the local R and W trains at the 28th Street station along Broadway.
262 Fifth Avenue’s anticipated completion date is slated for December 2026, as updated on the info board.
A new rendering has been revealed for 168 Sip Avenue, a proposed 35-story two-tower residential building in Journal Square, Jersey City. The project would be built in two phases and is planned to yield 648 market-rate units, 72 affordable housing units, and 7,600 square feet of ground-floor commercial space. The development would also include a 200-vehicle parking garage. The 0.81-acre property is located at the corner of Sip and Tonnelle Avenues, within the Journal Square 2060 Rehabilitation Area.
JLL is the marketing team behind the project. An architect has not be disclosed, and the unnamed developer is seeking a partner for a joint venture.
The rendering depicts the southern elevation along Sip Avenue. The structure will begin with a multistory podium topped with a landscaped terrace with trees at its center. Above, the twin towers will rise in matching volumes featuring curved corners and cutouts just above the one-third mark, and will culminate in bulkheads surrounded by extensions of the façade grid. The eastern tower appears slightly broader than its counterpart. The exterior will be composed of floor-to-ceiling windows framed by earth-toned paneling.
The property is currently occupied by a low-rise building owned by Hudson County Community College and an adjacent surface-level parking lot.
168 Sip Avenue, circa November 2024. Image via Google Maps.
The site is located in close proximity to the Journal Square PATH station, providing convenient access to New York.
An official application has yet to be submitted to the Jersey City Planning Board. A target completion date has not been announced.
By: Michael Young and Matt Pruznick 8:00 am on March 3, 2026
Construction has topped out on 842 Sixth Avenue, a 27-story residential tower in NoMad, Manhattan. Designed by Isaac & Stern Architects and developed by Pro-H Development, the 102,600-square-foot will yield condominium units and lower-level retail space. 842 Edenview LLC is listed as the owner of the property, which is located on an interior lot between West 29th and West 30th Streets. Robin Schneiderman of Brown Harris Stevens Development Marketing will lead sales and marketing.
The entire reinforced concrete superstructure was built since our last update in May 2025, when only the foundations were complete. Scaffolding and netting cover the podium floors as crews work to install the light gray brick façade between the window voids.
842 Sixth Avenue. Photo Michael Young.
842 Sixth Avenue. Photo Michael Young.
842 Sixth Avenue. Photo Michael Young.
842 Sixth Avenue. Photo Michael Young.
842 Sixth Avenue. Photo Michael Young.
842 Sixth Avenue. Photo Michael Young.
842 Sixth Avenue. Photo Michael Young.
The brick façade is visible near the bottom of the following close-up shot.
842 Sixth Avenue. Photo Michael Young.
The renderings in the main photo and below preview the front and rear faces lined with loggia balconies. The visible southern lot line wall will be left mostly blank and etched with a geometric pattern, and the building will culminate in a crown with vertical ridges.
842 Sixth Avenue. Designed by Isaac & Stern Architects
The following rendering offers a closer look at the base, which will feature hanging vegetation on the columns between the grid of floor-to-ceiling windows, as well as additional loggia balconies. The sloped sidewalk canopy will feature two circular cutouts and will be topped with low shrubbery.
842 Sixth Avenue. Designed by Isaac & Stern Architects
The tower was built on the existing foundations for the cancelled 26-story AC NoMad Hotel, which was planned to become the tallest modular hotel in the world. Work stalled in 2020 just before construction reached street level. Hung Pin Hung’s Brooklyn-based Pro-H Development then purchased the property in 2024 for $30 million after former developer Robert Chun defaulted on the project’s debt, according to The Real Deal.
The below rendering depicts the outdated plan for the AC NoMad Hotel, which would have yielded 168 rooms operated by Marriott.
Rendering of AC NoMad Hotel at 842 Sixth Avenue. Designed by Danny Foster & Architecture
The nearest subways from the development are the B, D, F, M, N, Q, R, and W trains at the 34th Street–Herald Square station to the north, which also offers access to the PATH train to New Jersey
A parking lot that will be home to a two-tower development has officially closed over three years after new development was approved for the site. Photo by Chris Fry/Jersey Digs.
What was slated to be the second phase at one of Jersey City’s largest redevelopments looks like it is finally moving forward as the project formally known as phase two of Urby looks like it will be rising a block from the waterfront.
The surface parking lot at 200 Greene Street is officially closed to the public, and some early excavation work underway at the site. The block is approved for a two-tower joint venture between Ironstate Development and Roseland Residential Trust.
The most recent version of the Urby plans were approved in 2024, but the development has lost its friend. The first tower in the Urby development, which sits across the street and came online in 2017, was rebranded as Sable following the property’s sale to Veris Residential earlier this year.
Rendering of the design for towers two and three of Urby (on the left and center). Image courtesy of HLW International.
Nonetheless, the second phase of Urby at 200 Greene Street is set to include a pair of 69-story towers that top out at 677 feet. Some changes were made to the design of the towers themselves in 2022, with the “Jenga-like” nature of the original Urby being scaled back a bit.
Designed by Toronto-based Concrete with HLW International as the architect of record, the northernmost tower of Urby’s second phase will be straightforward and lack any offset sections. The southernmost tower, on the other hand, will still have a similar feel to the initial Urby phase albeit less pronounced.
Image courtesy of HLW International.
The latest approved version reduces the total unit count for final two towers by about 100 to 1,510 units, with the developers reserving the right to designate up to 164 of the units for hotel use. No affordable housing is included in the plans, as none was required at the time of the development’s initial approval.
The development’s retail component. Image by HLW International via the application.
A combined 32,000 square feet of retail space will call the ground floor of the complex home, being split between four storefronts. The existing greenery between the Urby parking lot and Harborside 5 will also be spruced up under the plan, with a new pedestrian walkway and park space.
The future plaza that will be built as part of the development. Image by HLW International via the application.
Urby’s final portion is set to feature a 272-space parking garage base with a valet option plus a finished rooftop that connects the towers. Plans for the roof of the garage include an outdoor pool and landscaped garden hill, while other amenities at Urby’s second phase include a sprawling second-floor fitness center set to sport an indoor pool.
Attorneys for Ironstate and Roseland stated during a planning board meeting in 2022 that the base of the latest Urby complex would be built first, then to be followed by one of the towers. The second tower would then be built after the completion of the first, meaning the development still has two phases.
The green space included in Urby. Image by HLW International via the application.
The developers have not issued any statement thus far about a potential groundbreaking ceremony for Urby, but the closure of the parking lot is a telltale sign the project is coming soon.
This stretch of Jersey City ‘s waterfront is already busy and is likely to emerge as the next epicenter of development. Harborside 8 is currently under construction diagonally across from the Urby site, while the Port Authority is building a new substation to replace the aging Powerhouse building.
Related Companies has approvals in place for the 800-unit Harborside 4 just two blocks south of Urby’s last act. Jersey City’s first supertall is in the works for an empty lot two blocks west, while Jersey Digs recently unearthed images of another three-tower, 2,000-unit plan for a parking lot on Washington Street. 2026
As temperatures begin to drop, New York City’s construction market shows no signs of cooling down. New York YIMBY’s construction report for the third quarter of 2024, based on permit filings submitted to the Department of Buildings during the three-month period from July through September, shows strong filing activity that indicates momentum is continuing from the preceding quarterly tallies. In the third quarter, New York’s developers filed permits for a total of 1,071 new buildings, measuring a combined 26.8 million square feet with 18,935 residential and hotel units. Below, we break the data down in a series of detailed analyses.
Photo by Michael Young
Number of permit filings per month
Number of new construction permits filed per month in New York City in Q1 through Q3 (January through September) 2024. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
The third quarter of 2024 saw sustained strength in permit filing activity, with an average of 357 new building permits filed per month from July through September. The tally essentially matches that of the second quarter, dropping by just two permits from the Q2 average of 359. As such, Q3 2024 features the third-highest average since YIMBY began keeping count at the start of the decade, with the four past consecutive averages all comprising the top four places.
Photo by Michael Young
Number of permit filings by borough
Number of new construction permits filed per borough in New York City in Q3 (July through September) 2024. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below is the breakdown of borough statistic changes between the year’s second and third quarters:
The Bronx: 28-percent increase (111 to 142 permits)
In the third quarter, the greatest gains were observed in The Bronx and Manhattan, with 28- and 26-percent increases in total filing numbers, respectively. The tally for Staten Island remained virtually the same as in the preceding quarter. And while Queens and Brooklyn both registered single-digit percentage drops in filing counts (9 and 3 percent, respectively), the two boroughs still maintain a significant lead, with each accounting for around as many filings as The Bronx, Manhattan, and Staten Island combined.
Photo by Michael Young
Permits listed by unit count per filing
New residential and hotel construction permits filed in New York City in Q3 (July through September) 2024 grouped by unit count per filling. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below, the filing size categories are compared between the two quarters individually:
Single-family: 14-percent decrease (227 to 195 filings)
Two-family: 17-percent decrease (263 to 218)
Three to nine units: 14-percent increase (184 to 209)
Ten to 49 units: 18-percent increase (125 to 148)
50 to 99 units: 37 units in both Q2 and Q3 each
100 to 499 units: 10-percent increase (40 to 44)
500 and over: none in Q2 to 3 in Q3
A total of 18,935 residential and hotel units were filed for in New York City in the third quarter of 2024, a dramatic 28-percent increase from the 14,795 units filed for in Q2. The increase is attributed to a growth in filings for larger multi-unit dwellings: while the single- and two-family categories saw double-digit percentage drops between the two quarters, every category with three or more residences per filing registered double-digit percentage increases. Notably, while no building with over 500 units was filed for in Q2, filings for three such developments are on the record books for Q3.
Photo by Michael Young
Residential and hotel units filed per borough
Number of residential and hotel units in new construction permits filed per borough in New York City in Q3 (July through September) 2024. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below is a by-borough comparison between the two quarters:
The Bronx: 38-percent increase (3,116 to 4,312 residential and hotel units)
Brooklyn: 45-percent increase (6,247 to 9,070)
Manhattan: 34-percent decrease (2,221 to 1,475)
Queens: 32-percent increase (2,950 to 3,897)
Staten Island: 47-percent increase (123 to 181)
Four of the five boroughs saw substantial double-digit percentage increases of residential and hotel unit filings during the third quarter of 2024. With over 9,000 unit filings, Brooklyn remains the undisputed leader. Though Staten Island’s 181 new filed-for units is low overall figure for a borough with half a million residents, it shows the greatest quarterly improvement with 47-percent growth. Manhattan makes for a notable exception to the trend, dropping by 746 units, or 34 percent, between the two quarters.
Photo by Michael Young
Permits listed by average unit count per filing
Average unit count (residential and hotel) per new construction permit per borough filed in New York City in Q3 (July through September) 2024. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below is a by-borough comparison between the two quarters:
The Bronx: 6-percent increase (31 to 33 residential and hotel units)
Brooklyn: 55-percent increase (20 to 31)
Manhattan: 45-percent decrease (82 to 45)
Queens: 56-percent increase (9 to 14)
Staten Island: 29-percent decrease (2.1 to 1.5)
In the third quarter of 2024, residential and hotel unit count averages per filing per borough generally echo the trends in overall unit count growth per borough. The average unit count per filing grew significantly in The Bronx, Brooklyn, and Queens. The count dropped by more than a quarter in Staten Island, slipping from 2.1 to 1.5 average units, though the borough’s construction market remains well within the single- to two-family residential category. And while Manhattan maintains the overall lead, the borough’s average unit count per filing decreased by nearly half.
Photo by Michael Young
Permit filings by floor count category
New construction permits filed in New York City in Q3 (July through September) 2024 grouped by floor count. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below is a comparison per floor-count category between the two quarters:
Single-story: 6-percent increase (142 to 151 permits)
Two-story: 10-percent decrease (278 to 249)
Three-story: 8-percent decrease (253 to 233)
Four-story: 6-percent increase (178 to 188)
Five to six floors: 93 in both Q2 and Q3 each
Seven to nine floors: 3-percent decrease (104 to 101)
Ten to 19 floors: 100-percent increase (21 to 42)
20 to 29 floors: 120-percent increase (5 to 11)
30 to 39 floors: 67-percent decrease (3 to 1)
40 to 49 floors: none in Q2, two in Q3
In the third quarter of 2024, the average filing saw a notable increase in floor count, growing from 3.7 in Q2 to 4.1 in Q3. Two of the three categories of filings with three stories and below saw drops in filing totals; on the other hand, four out of seven of the categories with four and more stories saw filing number increases, with the ten-19- and 20-29-story groups doubling their totals. While no filing in Q2 reached the 40-story mark, three filings matched or surpassed the figure in Q3.
Below are the top five permit filings with the highest floor counts in Q3 2024, in order:
51 Willoughby Street in Brooklyn (43 floors)
42-19 24th Street in Queens (40 floors)
188 Duffield Street in Brooklyn (30 floors)
574 5th Avenue in Manhattan (29 floors)
219 East 42nd Street in Manhattan (29 floors)
Photo by Michael Young
Average number of floors per filing per borough
Average number of floors per new construction permit per borough filed in New York City in Q3 (July through September) 2024. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below is the by-borough comparison between the two quarters:
The Bronx: 5.1 floors in both Q2 and Q3 each
Brooklyn: 13-percent increase (4.5 to 5.1 floors)
Manhattan: 9-percent decrease (9.8 to 8.9)
Queens: 11-percent increase (2.7 to 3)
Staten Island: 4-percent decrease (2.3 to 2.2)
While the average floor count per filing increased, the overall trend line has remained stable. Manhattan, known for its vertiginous skyline, maintains a solid lead among the boroughs, although its floor count average per filing dipped from 9.8 to 8.9. Brooklyn caught up to The Bronx, matching its 5.1-story average. Queens and Staten Island trail with averages of three and 2.2 stories per filing, respectively.
Photo by Michael Young
Permits listed by floor area per filing
New construction permits filed in New York City in Q3 (July through September) 2024 grouped by total floor area. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below is a breakdown by floor area category:
Under 1,000 square feet: 7-percent increase (124 to 133 permits)
1,000 to 2,999 SF: 19-percent decrease (175 to 142)
3,000 to 4,999 SF: 3-percent decrease (297 to 287)
5,000 to 9,999 SF: under 1-percent decrease (216 to 215)
10,000 to 49,999 SF: 9-percent increase (160 to 175)
50,000 to 99,999 SF: 5-percent decrease (55 to 52)
100,000 to 499,999 SF: 27-percent increase (48 to 61)
500,000 to 999,999 SF: 500-percent increase (1 to 6)
The third quarter saw a dramatic 25-percent growth in the overall filed-for floor area, surging from 21.5 million square feet in Q2 to 26.8 MSF in Q3. The growth may be largely attributed to increases among the larger building categories, particularly for proposed structures with 10,000 or more square feet (roughly equivalent to a ten- or 15-unit apartment building). Notably, while the second quarter registered just one filing in the half-million-square-foot-plus category, the third quarter saw six such filings.
Photo by Michael Young
Total floor area filed by borough
Combined floor area of new construction permits filed per borough in New York City in Q3 (July through September) 2024. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below are the square footage totals per borough compared between the two quarters:
The Bronx: 56-percent increase (3 to 4.7 million square feet)
Brooklyn: 18-percent increase (10 to 11.8 MSF)
Manhattan: 46-percent increase (2.7 to 4 MSF)
Queens: 12-percent increase (5.1 to 5.7 MSF)
Staten Island: 10-percent decrease (0.64 to 0.58 MSF)
The third quarter of 2024 registered an increase in filed-for floor area from 21.5 million square feet in Q2 to 26.8 MSF in Q3. This growth is rather relatively evenly distributed across the city, with almost every borough registering double-digit percentage growth. Even Staten Island, the only part of the city to show a percentage decrease, remains at an overall stable total of approximately half a million square feet of new floor space filed for both in Q2 and Q3.
Photo by Michael Young
Average floor area per permit filing by borough
Average floor area per new construction permit per borough filed in New York City in Q3 (July through September) 2024. Data source: the Department of Buildings. Data aggregation and graphics credit: Vitali Ogorodnikov
Below is the quarterly comparison for the boroughs:
The Bronx: 22-percent increase (27,248 to 33,151 square feet)
Brooklyn: 22-percent increase (28,178 to 34,445 SF)
Manhattan: 16-percent increase (77,130 to 89,833 SF)
Queens: 23-percent increase (12,543 to 15,422 SF)
Staten Island: 10-percent decrease (3,797 to 3,411 SF)
The floor area of the average permit filing increased significantly between the second and third quarters of 2024, growing from 19,938 to 25,015 square feet. Just as four out of five boroughs saw major increases in total filed-for floor space, they also observed concurrent double-digit percentage increases in average floor area per filing. Though Staten Island, still predominantly comprised of single- and two-family houses, saw a 10-percent drop in its filing size average, the overall decrease amounts to just 386 square feet per average filing, dropping from 3,797 in Q2 to 3,411 in Q3.
Plus, a master plan to reconstruct Gaza’s housing and infrastructure, Cantor Group saga reaches Manhattan and more national real estate news this week
Andrew Cuomo, Zohran Mamdani, Emilio Gonzalez, Eileen Higgins and Joe Carollo (Getty)
Oct 26, 2025, 9:00 AM EDT
By Mike Romano
Save article
With Election Day just over a week away, real estate interests are closely watching mayoral races and ballot measures that could shape local markets for years to come.
From New York to Miami, developers, brokers and landlords are spreading their bets across candidates who promise growth, clarity and, ideally, predictability.
In New York City, what began as a crowded field has narrowed into a three-way fight where housing policy has become a defining issue. Zohran Mamdani, a Democratic Socialist who wants to freeze stabilized rents for four years, has rattled landlords and condo owners. Former Gov. Andrew Cuomo, running as an independent, is calling for tweaks to Local Law 97 and positioning himself as the pragmatist, and the clear favorite of the real estate world.
According to The Real Deal’s analysis, the industry has pumped about $12.4 million into the race, with roughly $11 million flowing through super PACs. Cuomo’s Fix the City PAC has drawn the lion’s share of that support (about $5.2 million) as major donors coalesce around a familiar ally. When Mayor Eric Adams exited the race last month, industry money rushed back to Cuomo, to the tune of $41,000 in just two days.
Still, Mamdani isn’t completely iced out. Affordable and nonprofit developers have quietly contributed, signaling they’re willing to work with him if he wins. Republican nominee Curtis Sliwa has pitched office-to-residential conversions as his main affordability plan, but with limited traction in the polls, most of the industry’s focus remains on the Cuomo–Mamdani showdown.
In Miami, the mayor’s race is a full-blown free-for-all, with 13 candidates vying to replace Francis Suarez. Top contenders, including Joe Carollo, Alex Diaz de la Portilla, Eileen Higgins and Xavier Suarez, are all drawing checks from the city’s development elite. Firms like Terra, Related Group and 13th Floor Investments are hedging their bets, donating to multiple campaigns at once. With Miami’s market under strain from high costs and political dysfunction, the city’s biggest players are seeking stability more than ideology.
In New Jersey, the race to replace Gov. Phil Murphy has the industry leaning red. Republican Jack Ciattarelli has raised about $1.3 million in real estate donations, which more than doubled Democrat Mikie Sherrill’s haul. The Adjmi, Chera and Cayre families are among Ciattarelli’s top backers, while the Dursts and Tisches are standing behind Sherrill. Real estate issues have been central in the election, as New Jersey is one of the most expensive states for housing and the most densely populated state in the country.
There aren’t any major mayoral races in Texas this cycle, but voters will weigh in on several real estate-related ballot measures. The biggest is Project Marvel, a $4 billion mixed-use development anchored by a new Spurs arena in San Antonio. Two local propositions would direct hotel and venue taxes toward the project, though polling shows mixed support and Mayor Gina Ortiz has questioned the team’s contribution. Statewide, measures include property tax relief for homeowners and seniors, a ban on any future inheritance tax and a proposal to protect “Y’all Street” by prohibiting taxes on financial transactions.
Out west, the 2026 California governor’s race is already a quiet proving ground for real estate influence. Former L.A. Mayor Antonio Villaraigosa leads the fundraising pack, drawing support from Related California’s Bill Witte, developer Joseph Moinian and broker Kurt Rappaport, many of whom applaud his skepticism of L.A.’s property transfer tax, Measure ULA.
There was plenty of other real estate news this week. Jared Kushner and Steve Witkoff pitched a $50B Gaza reconstruction, a Chicago investor turned on a longtime ally and a California firm related to Zions Bancorp’s stock tumble has ties to NYC real estate.
262 Fifth Avenue. Rendering courtesy of Hayes Davidson.
168 Sip Avenue. Rendering courtesy of JLL.
842 Sixth Avenue. Photo Michael Young.
