Saturday, August 10, 2013

New York City's Top 10 Largest Builders

Construction spending in New York City hit the $30 billion mark for the first time since 2008, and is expected to continue to increase this year. The value of new projects grew by 5 percent from 2011 to 2012 to reach $16.1 billion, according to the New York Building Congress. The growth was driven by a 54 percent surge in new residential construction, which totaled $5.1 billion—more than double the amount in 2010. 

The number of residential projects grew for the second year in a row, but are still 14 percent below 2008 levels. New construction starts are up overall, despite declines in public and commercial work, which have been falling for the past 4 years.

Biggest Projects in 2012

New construction projects in the public and commercial sector took the top spots for the biggest in 2012. The renovation of Macy’s Herald Square retail flagship ranked number one at $400 million, followed by a $325-million project to build entrances to the 96th Street subway station along Second Avenue and a $250-million renovation of the Winter Garden in Lower Manhattan.

Two residential high rises in the top 5, include the $211-million Avalon West Chelsea, which broke ground in February 2012, and the $200-million Baccarat luxury hotel and condominium.

The Top 10 Largest