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Residences, hotels contribute to building boom.

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The EDITION by Marriott hotel in the heart of Times Square at 701 Seventh Avenue; rendering by PBDW Architects

Construction Spending Approaches Record

A building boom is underway in New York City (NYC), with the New York Building Congress projecting construction spending to reach a record US$43.1 billion in 2016, US$42.1 billion in 2017 and US$42.3 billion in 2018, Reuters reported. The 2016 figure is a 26% increase from 2015 and a 47% increase from 2007, when the previous peak was US$31.1 billion prior to the Great Recession. Fueling the trend is strong demand for housing and offices, with five office towers under construction in or near Hudson Yards, as well as new buildings Three World Trade Center in the Financial District and One Vanderbilt in Midtown. Despite the brisk market, concerns, such as insufficient infrastructure and housing for the elderly and poor, remain.

42-Story Mixed-Use Building Rising in Midtown East

A 42-story tower that will include ground-level retail and apartments is rising at 212 East 44th Street in Midtown East, with construction reaching the seventh floor late last year, New York YIMBY reported. Developed by BLDG Management, the building will contain approximately 430 apartments on the seventh through 41st floors. Handel Architects is the design architect, and SLCE Architects is the executive architect. Completion is anticipated sometime this year.

A New Hotel for Times Square

Completion is expected this year on a 42-story, 517-ft.-tall EDITION by Marriott hotel in the heart of Times Square at 701 Seventh Avenue, New York YIMBY reported. Located on the corner of West 47th Street, the structure will contain approximately 450 hotel rooms, retail on the cellar through fourth-floor levels and hotel rooms starting on the 14th floor. Two sides of EDITION’s base will boast an 18,000-sq.-ft. LED display. Witkoff, Ian Schrager Co., Winthrop Realty Trust and Maefield Development are behind the project, designed by Platt Byard Dovell White Architects.

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