{"id":1004559257,"date":"2021-12-14T05:02:18","date_gmt":"2021-12-14T13:02:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004559257"},"modified":"2022-12-03T13:03:16","modified_gmt":"2022-12-03T21:03:16","slug":"nyc-market-update-manhattan-construction-activity-still-slow","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-manhattan-construction-activity-still-slow\/","title":{"rendered":"NYC Market Update: Manhattan Construction Activity Still Slow"},"content":{"rendered":"

\"\"<\/a>As of October, more than 20 million square feet of office space was taking shape in Manhattan, according to CommercialEdge data. New investments are still scarce in New York City<\/a>, in light of ongoing uncertainties about the evolution of the global health crisis and, implicitly, the future of the workspace.<\/p>\n

The vast majority of the projects that broke ground since the onset of 2021 represent redevelopments\/renovations of older structures, with one exception. The 414,000-square-foot Urban League Empowerment Center in Harlem<\/a> is the single ground-up project with a significant office portion that has gone vertical this year.<\/p>\n

In July, KPG Funds signed a 99-year ground lease with Salvation Army at 132 W 14th St., a 57,478-square-foot building in Greenwich Village. The buyer has a history of engaging in acquiring and redeveloping old structures into modern-day office buildings. \u201cThe idea that office is dead in NYC is nonsense. Office is just being redefined in 2021,\u201d Greg Kraut, KPG Funds co-founder and CEO said in prepared remarks.<\/p>\n

Also in Harlem, a four-story former parking lot from the 1910s is undergoing repurposing. In May, affiliates of Park-It Mgmt Inc. have landed a $44 million construction loan<\/a> for 160 West 124th St., an 89,000-square-foot build-to-suit medical office property. Mount Sinai Health System will occupy the 12-story asset.<\/p>\n

In late October, Extell Development Co. announced that the company is developing its first medical office building<\/a> on the Upper East Side. Designed by Perkins Eastman Architects, the 400,000-square-foot, full-block tower will rise 30 stories. The site consists of a ten-parcel assemblage, purchased gradually by Extell throughout more than a decade. The project is slated to break ground in the first quarter of 2022.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Most of the borough\u2019s office projects this year were redevelopments, CommercialEdge data shows.<\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004559257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-new-york","category-latest","category-northeast","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nNYC Market Update: Manhattan Construction Activity Still Slow - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-manhattan-construction-activity-still-slow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Market Update: Manhattan Construction Activity Still Slow\" \/>\n<meta property=\"og:description\" content=\"Most of the borough\u2019s office projects this year were redevelopments, CommercialEdge data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-manhattan-construction-activity-still-slow\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-14T13:02:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-03T21:03:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-manhattan-construction-activity-still-slow\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-manhattan-construction-activity-still-slow\/\",\"name\":\"NYC Market Update: Manhattan Construction Activity Still Slow - 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