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Renderings of various forthcoming projects planned around New York City
As New York City continues to grapple with a significant housing shortage—the city is currently facing the lowest vacancy rate in six decades—there is an urgent need to build more housing and to do so now. In early January, Governor Kathy Hochul unveiled a sweeping housing reform package called “Let Them Build” in the hopes of doing just that. If the reforms eventually gain approval in Albany, they will make building homes across the state, including in New York City, faster, easier, and less expensive. This article examines the key policy changes Hochul is proposing and explores what they could mean for New York City’s developers and investors, as well as the city’s millions of renters and buyers.
In this article:
Why new housing approvals currently take 2.5 years on average
While most New Yorkers appreciate that we are a city of rules, especially when it comes to housing, one of the key reasons new housing starts often take years to get approval is due to one especially onerous state regulation: the State Environmental Quality Review Act (SEQR). The complexity of SEQR is clear as soon as you start reading about the current SEQR process:
In a nutshell, building new housing anywhere in New York State currently requires multiple approvals and complex coordination across various agencies and levels of government. It is unsurprising, then, that environmental reviews in New York State currently take 2.5 years on average to complete, add tens of thousands of dollars to housing projects, and, by some estimates, have doubled the time it takes to deliver new housing to New Yorkers. “Let Them Build” is an attempt to finally address these delays without compromising the high environmental standards SEQR has established.
How “Let Them Build” proposes to speed up housing starts
As Governor Hochul has bluntly stated, “Outdated red tape has stood in the way of the housing and infrastructure that New Yorkers need to address the housing crisis and make life more affordable in communities across our state.” To cut through this red tape, “Let Them Build” proposes a series of reforms to SEQR. For example, under “Let Them Build,” all environmental reviews, even the most complex, would need to be completed within two years. In addition, some housing developments will be permitted to avoid additional environmental reviews if, for example, the developers are able to demonstrate that the projects don’t pose significant environmental impacts, aren’t in a flood zone, and already comply with local zoning, water, air, and environmental justice requirements.
A broad coalition of leaders supports “Let Them Build”
In a rare show of solidarity, so far, “Let Them Build” has been getting a thumbs up from leaders who often don’t agree. Mayor Mamdani has welcomed the initiative, arguing that “Environmental review reform would bring our regulations into the 21st century and ensure we can deliver an affordability agenda on the timetable needed.” On the industry side, praise has also been forthcoming, with Peter Florey, the President of the New York State Builders Association, saying, “Governor Hochul’s meaningful recommendations will go a long way towards ensuring that SEQR is used to help housing production and affordability while also safeguarding our environment.”
“Let Them Build” not only promises to help developers launch and complete projects more quickly but is also potentially good news for renters and buyers. Over time, it could help deliver tens of thousands of new residential units to New Yorkers. With more units available, there is also hope that the cost of housing may self-regulate as supply and demand come back into balance.
Unfortunately, there is still a major hurdle to pass. To become law, “Let Them Build” will need to get the green light from the New York State Senate. While there are a few dissenting voices, support for Governor Hochul’s proposed reforms appears strong, at least as it applies to urban areas of the state. If the reforms are enacted, one thing is clear—the long waits that have plagued the construction of new housing in New York City could finally be significantly reduced.
Forthcoming Projects
112 Liberty Street, Financial District
Developer: Hiwin Group
Designer: Nexus Architecture
30 stories | 230 units
Completion estimated for 2029
Developer: Hiwin Group
Designer: Nexus Architecture
30 stories | 230 units
Completion estimated for 2029
Rendering of 112 Liberty Street (Nexus)
In April 2024, developer Hiwin Group bought 112 Liberty Street from Hidrock Properties for just under $22 million. Hidrock Properties had originally planned a 30-story hotel for the site, but Hiwin Group is planning a residential building instead; renderings show a tall tower with slightly curved corners and oversized windows rising from a podium. Permits have not yet been filed; as such, details are not available about interiors or amenities. However, one perk is its close proximity to Trinity Church, Westfield One World Trade Center, Brookfield Place, and myriad transportation options.
250 West 30th Street, Chelsea
Developer: Hiwin Group
Designer: Nexus Architecture
16 stories | 69 condo units
Completion estimated for 2028
Developer: Hiwin Group
Designer: Nexus Architecture
16 stories | 69 condo units
Completion estimated for 2028
Rendering of 250 West 30th Street (Nexus)
When Chelsea/Penn District condominium 300 West 30th Street launched sales in November 2022, it sold out in about nine months. Inspired by this success, developer Hiwin Group bought a nearby site at 250 West 30th street for $15.8 million in January 2024. Demolition permits for the three-story commercial building currently on the site were filed in late February 2026, and renderings for its replacement show a slender tower rising from a three-story podium. Floor-to-ceiling windows promise abundant natural light, and select units have private balconies or terraces.
HDSN, 418 Eleventh Avenue, Midtown West
Developer: Hudson Boulevard Collective (BRP Companies, BXP, The Moinian Group and Urbane Development
Designer: FXCollaborative
70 stories | 1,458 rental units
Completion estimated for 2030
Developer: Hudson Boulevard Collective (BRP Companies, BXP, The Moinian Group and Urbane Development
Designer: FXCollaborative
70 stories | 1,458 rental units
Completion estimated for 2030
Rendering of HDSN (FXCollaborative)
418 Eleventh Avenue, located across from the Javits Center between West 35th and 36th Streets, is one of the last remaining state-owned parcels of land in Manhattan. Governor Hochul chose the Hudson Boulevard Collective as the site's developer in December 2024. More recently, permits have been filed for the two-tower HDSN, to be pronounced "Hudson" and bring 1,458 new housing units, a portion of which will be permanently affordable, to the area.
The residential units will be located in the 70-story East Tower. Apartments are set to offer central heating and cooling, in-unit laundry, and oversized windows overlooking open city views, and residents will have access to a four-story Life Time gym with roof terrace and outdoor pool located in the podium of the building. The West Tower will also house the Climate Museum, a museum dedicated to climate change and solutions, as well as a restaurant and training facility run by non-profit Emma's Torch.
The 28-story West Tower will house a full-service hotel with accommodations and amenities to support the Javits Center's operations. It will contain 455 rooms, ballrooms, meeting rooms, dining venues, a fitness center with pool, a terrace with outdoor pool, and a roof terrace.
8 West 45th Street, Midtown West
Developer: Hiwin Group
Designer: Nexus Architecture
31 stories | 113 condo units
Completion estimated for 2029
Developer: Hiwin Group
Designer: Nexus Architecture
31 stories | 113 condo units
Completion estimated for 2029
Rendering of 8 West 45th Street (Nexus)
In May 2025, developer Hiwin Group purchased a vacant lot at 8 West 45th Street, just off Fifth Avenue, for $38.5 million, and announced plans to develop a mixed-use building with 9,241 square feet of commercial space and 101,651 square feet of condo space on top. Permits have not yet been filed, but renderings by Nexus depict a tall building with oversized windows and arches reminiscent of the nearby 520 Fifth Avenue.
395 Flatbush Avenue Extension, Downtown Brooklyn
Developers: Rabina and Park Tower Group
Designer: TenBerke Architects
72 stories | 1,263 rental units
Completion estimated for 2029
Developers: Rabina and Park Tower Group
Designer: TenBerke Architects
72 stories | 1,263 rental units
Completion estimated for 2029
Rendering of 395 Flatbush Avenue Extension (Binyan Studio and TenBerke Architects)
Many Downtown Brooklyn buildings tout views of the Manhattan skyline as a selling point, but this neighborhood has a commanding skyline of its own. The most recently announced addition was 395 Flatbush Avenue Extension, an 840-foot-tall tower located on city-owned land and set to replace the Verizon call center building Brownstoner calls "one of the biggest eyesores in Downtown Brooklyn." It was announced in May 2025, and the New York City Council approved the project in March 2026.
Of the 1,263 planned housing units, 325 will be designated as affordable to households earning 60% of the Area Median Income. In addition to the new apartments, the tower will contain 210,000 square feet of office, retail, and community facility space. The project also includes a new public plaza with landscaping and seating, widened sidewalks on key corridors, improved access to the Dekalb Avenue subway station.
51-02 Roosevelt Avenue, Sunnyside
Developer: Zobuilden LLC
Designer: Studio C Architect
19 stories | 84 condo units
Completion estimated for 2029
Developer: Zobuilden LLC
Designer: Studio C Architect
19 stories | 84 condo units
Completion estimated for 2029
Rendering of 43-23 51st Street (Nexus)
In March 2026, permits were filed for a new mixed-use tower at 43-23 51st Street in Sunnyside. The project is set to include an ambulatory health facility, new retail space, and 84 new housing units. There will be no more than five units per floor, and amenities will include indoor lounges, an outdoor roof terrace, private storage, bike storage, and on-site parking. Renderings released by Nexus show a tower rising from a five-story podium featuring floor-to-ceiling windows and private balconies; it does not represent a dramatic departure from a concept release by Architects Studio in February 2021.
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The Heartwood, 155 East 173rd Street, Morris Heights
Developers: Settlement Housing Fund and Kalel Companies
Designer: Bernheimer Architecture
19 stories | 113 affordable housing units
Completion estimated for 2029
Developers: Settlement Housing Fund and Kalel Companies
Designer: Bernheimer Architecture
19 stories | 113 affordable housing units
Completion estimated for 2029
Rendering of The Heartwood (Secchi Smith)
New York's Living Libraries initiative seeks to jointly develop state-of-the-art library redevelopments with affordable housing in collaboration with the city and the library system. As part of this program, the New York City Department of Housing Preservation and Development and the New York Public Library announced that the Grand Concourse Library would be redeveloped into The Heartwood, a state-of-the-art public library with 113 affordable housing units on top, in November 2025.
Residential amenities will include community rooms, a fitness room, a teaching kitchen, three outdoor terraces, bike storage, and a central laundry room. Bronx Times reports that fifteen percent of the planned housing units will be set aside for formerly homeless New Yorkers.
The Grand Concourse Library has been a community staple since 1959. An iconic Lorrie Goulet sculpture on the facade of the current library will be incorporated into the new one, which will include a brick lattice facade, a second-floor skylight, a double-height adult reading space, and dedicated spaces for adults, teens, and children. The project will be built to Passive House standards, marking the NYPL's first Passive House library, and be designed with an emergency generator that will allow the building to serve as a cooling center during heat events.
Rendering of new Grand Concourse Library (Secchi Smith)
102-51 Queens Boulevard, Forest Hills
Developer: QBM Properties LLC / RJ Capital
Designer: BUILTD
17 stories | 216 units
Completion estimated for TBD
Developer: QBM Properties LLC / RJ Capital
Designer: BUILTD
17 stories | 216 units
Completion estimated for TBD
A proposed development at 102-51 Queens Boulevard would build a 17-story mixed-use building in an underbuilt stretch of Queens Boulevard in Forest Hills, replacing a row of one-story commercial structures with a significantly denser mixed-use building. Plans call for 216 rental units, including 54 permanently affordable apartments, alongside ground-floor retail and accessory parking. The project has been framed by the team as a model for transit-oriented growth, City officials praised it would deliver “200+ new homes” in a corridor long constrained by outdated zoning, while also being consistent with the ambitions of the City of Yes initiative to bring more housing near transit.
Approved in late 2024, the proposal sparked some local opposition, with some residents raising concerns about increased density, school overcrowding, and neighborhood scale. Officials pushed for deeper affordability and design refinements such as enhanced rear setbacks and façade articulation. Designed by BUILTD, the building features a stepped massing with a glassy upper volume rising from a more contextual base, using setbacks and rooftop greenery to soften its bulk.
175 Pearl Street, DUMBO
Developer: Watermark Capital Group
Designer: S. Wieder Architect P.C.
19 stories | 184–238 condo and rental units
Completion estimated for late 2028
Developer: Watermark Capital Group
Designer: S. Wieder Architect P.C.
19 stories | 184–238 condo and rental units
Completion estimated for late 2028
The redevelopment of 175 Pearl Street will transform a largely vacant early 20th-century office building into a mixed-use residential condo and rental complex at the edge of DUMBO and Downtown Brooklyn. Plans call for the adaptive reuse of the existing structure alongside a significant vertical expansion, ultimately yielding roughly 200 units, with a portion set aside for low-income housing under the state’s 467-m tax abatement program. The project is being advanced as-of-right without a rezoning.
The design, led by S. Wieder Architect,
shows a clear distinction between old and new: a retained base structure anchors the project while a contemporary addition rises above with covered loggias. The rendering suggests a bold, gridded façade with deep-set balconies and a warm-toned podium that grounds the building's industrial character of the surrounding neighborhood, while the upper levels bring a lighter, more modern language. The project is across from the High Street subway station of the A and C lines.
Candler Building, 220 West 42nd Street , Midtown West
Developer: Yellowstone Real Estate Investments
Designer: Isaac & Stern Architects
24 stories | 192 rental units
Completion estimated for 2028
Developer: Yellowstone Real Estate Investments
Designer: Isaac & Stern Architects
24 stories | 192 rental units
Completion estimated for 2028
The Candler Building
With its ornate crown and narrow tower proportions, the landmarked Candler Building at 220 West 42nd Street will be converted by Yellowstone Real Estate Investments advances plans to convert the largely vacant office tower into housing. Originally completed in 1913 and long a fixture of Times Square, the 24-story structure has struggled with vacancy in recent years, prompting a repositioning effort that aligns with the broader wave of office-to-residential conversions across the city.
Current plans call for a substantial interior overhaul while leveraging tax incentives tied to affordability, with roughly a quarter of units expected to be income-restricted rental apartments. Isaac & Stern Architects is the architect of record, and the conversion will retain and restore the building’s distinctive Spanish Renaissance façade and historic character while reconfiguring its deep office floor plates into residential layouts.
Current plans call for a substantial interior overhaul while leveraging tax incentives tied to affordability, with roughly a quarter of units expected to be income-restricted rental apartments. Isaac & Stern Architects is the architect of record, and the conversion will retain and restore the building’s distinctive Spanish Renaissance façade and historic character while reconfiguring its deep office floor plates into residential layouts.
842 Seventh Avenue / 201 West 54th Street, Midtown
Developer: TBD (Site for sale)
Designer: SLCE Architects (approved plans)
~41 stories | ~512 keys (approved hotel plan) / Residential alternate
Completion estimated for TBD
Developer: TBD (Site for sale)
Designer: SLCE Architects (approved plans)
~41 stories | ~512 keys (approved hotel plan) / Residential alternate
Completion estimated for TBD
Unbuilt design for 842 Seventh Avenue - 201 West 54th Street (SLCE Architects)
The development site at 842 Seventh Avenue, also known as 201 West 54th Street, occupies the northwest corner of Seventh Avenue and West 54th Street in Midtown. The parcel spans about 7,500 square feet with frontage on both streets and has already been cleared, allowing construction to begin without the need for demolition. It is currently being marketed for sale, with approved plans in place by SLCE Architects for a 41-story, 460-foot-tall hotel building. Nearby, across Seventh Avenue, is the ongoing demolition of the Wellington Hotel for a mixed-use supertall tower by Extell Development.
The site benefits from a grandfathered hotel use, which allows a project to proceed without a special permit. The approved plans call for roughly 512 hotel rooms, though the zoning also permits residential development as-of-right, offering an alternative path. The location sits at the northern edge of the Theater District, within walking distance of Central Park, Carnegie Hall, and Columbus Circle, with multiple subway lines nearby.
The site benefits from a grandfathered hotel use, which allows a project to proceed without a special permit. The approved plans call for roughly 512 hotel rooms, though the zoning also permits residential development as-of-right, offering an alternative path. The location sits at the northern edge of the Theater District, within walking distance of Central Park, Carnegie Hall, and Columbus Circle, with multiple subway lines nearby.
4–10 East 30th Street, NoMad
Developer: TBD (site for sale)
Designer: TBD (conceptual massing studies)
Up to ~12 FAR | ~130K–157K buildable SF
Completion estimated for TBD
Developer: TBD (site for sale)
Designer: TBD (conceptual massing studies)
Up to ~12 FAR | ~130K–157K buildable SF
Completion estimated for TBD
Conceptual rendering of 4-10 East 30th Street | https://www.bkrea.com/listings?propertyId=4-10-east-30th-street-new-york-sale
The assemblage at 4–10 East 30th Street is a development site located midblock on the south side of East 30th Street between Fifth and Madison Avenues in NoMad. The property is next door to 277 Fifth Avenue and spans roughly 13,084 square feet with about 132 feet of frontage and currently consists of two low-rise mixed-use buildings and a parking garage, all expected to be delivered vacant. The site is being marketed for sale, and any future plans remain conceptual.
Zoning permits a range of uses including residential, hotel, office, and retail, with up to roughly 130,000 square feet as-of-right and the potential to increase density through additional air rights. The low-rise landmarked Church of the Transfiguration is directly to the south allows for open exposure and light, which is uncommon for a midblock site. The property is a short walk from K-Town, Herald Square, Penn Station, Madison Square Park and several subway lines.
Zoning permits a range of uses including residential, hotel, office, and retail, with up to roughly 130,000 square feet as-of-right and the potential to increase density through additional air rights. The low-rise landmarked Church of the Transfiguration is directly to the south allows for open exposure and light, which is uncommon for a midblock site. The property is a short walk from K-Town, Herald Square, Penn Station, Madison Square Park and several subway lines.
Conceptual renderings of a project at the site seem to suggest a derivative RAMSaA design would be appropriate
1097 First Avenue, Upper East Side
Developer: Moinian Group (First Sigma De LLC)
Designer: TBD
39 stories | 354 units
Completion estimated for 2029
Developer: Moinian Group (First Sigma De LLC)
Designer: TBD
39 stories | 354 units
Completion estimated for 2029
This collection of character-rich buildings will likely be replaced by a new mixed-use tower by The Moinian Group
Moinian Group is planning a new mixed-use tower at 1097 First Avenue on the Upper East Side, where if the a rezoning application is approved, a low-rise string of buildings near the Queensboro Bridge will be redeveloped into a 39-story, approximately 495-foot tower. The project would rise on the northwest corner of First Avenue and East 60th Street, a site currently occupied by a collection of early 20th-century walk-ups and small retail spaces.
According to the application, the proposed building would span roughly 316,000 square feet and include 354 residential units, with a significant portion set aside as permanently affordable housing under the city’s Mandatory Inclusionary Housing Program . Additional components include ground-floor retail and several floors of community facility space.
According to the application, the proposed building would span roughly 316,000 square feet and include 354 residential units, with a significant portion set aside as permanently affordable housing under the city’s Mandatory Inclusionary Housing Program . Additional components include ground-floor retail and several floors of community facility space.
147–151 West 29th Street, Midtown South
Developer: TBD
Designer: Hill West (massing study)
Up to ~257,000 ZFA potential
Block-through development site
Developer: TBD
Designer: Hill West (massing study)
Up to ~257,000 ZFA potential
Block-through development site
147-151 West 29th Street | Credit: Bob Knakal
Up for sale, 147–151 West 29th Street is a prime block-through development opportunity located between Sixth and Seventh Avenues, at the crossroads of NoMad, north Chelsea, and Penn District. The site spans approximately 11,955 square feet with frontage on both West 29th and West 30th Streets, offering rare dual-street access and flexibility for large-scale development.
Currently zoned M1-6 for commercial use, the property sits within the proposed Midtown South Mixed-Use (MSMX) rezoning area, which would allow residential, commercial, and community facility uses with a maximum FAR of 18.0. Under these parameters, the site could yield approximately 225,950 square feet of zoning floor area, increasing to roughly 257,000 square feet with the inclusion of adjacent air rights. The block-through configuration enables the potential for either a single large tower or a two-building scheme, including mixed-income residential components under Mandatory Inclusionary Housing.
Currently zoned M1-6 for commercial use, the property sits within the proposed Midtown South Mixed-Use (MSMX) rezoning area, which would allow residential, commercial, and community facility uses with a maximum FAR of 18.0. Under these parameters, the site could yield approximately 225,950 square feet of zoning floor area, increasing to roughly 257,000 square feet with the inclusion of adjacent air rights. The block-through configuration enables the potential for either a single large tower or a two-building scheme, including mixed-income residential components under Mandatory Inclusionary Housing.
78 Pearl Street
Financial District, Manhattan
Developer: TBD
Designer: TBD
Residential conversion or new development (conceptual massing shown)
Completion estimated for TBD
Financial District, Manhattan
Developer: TBD
Designer: TBD
Residential conversion or new development (conceptual massing shown)
Completion estimated for TBD
The redevelopment of a partially demolished building at 78 Pearl Street in the Financial District envisions a stepped residential tower rising from a low-rise base. With the development site up for sale, the marketed massing shown suggests a building that would transition from the neighborhood’s historic scale at street level into a taller, more contemporary form above.
The surrounding blocks are defined by a mix of older commercial buildings, narrow streets, and a growing number of residential conversions. This site, located near the East River and within easy reach of Wall Street and multiple subway lines, is well suited for residential use or a mixed-use program.
The surrounding blocks are defined by a mix of older commercial buildings, narrow streets, and a growing number of residential conversions. This site, located near the East River and within easy reach of Wall Street and multiple subway lines, is well suited for residential use or a mixed-use program.
142 West 29th Street, Chelsea
Developer: TBD (site for sale)
Designer: Concept Design Group (previous proposal)
Up to ~48,360 ZFA (under proposed MSMX rezoning)
Completion estimated for TBD
Developer: TBD (site for sale)
Designer: Concept Design Group (previous proposal)
Up to ~48,360 ZFA (under proposed MSMX rezoning)
Completion estimated for TBD
The midblock site at 142 West 29th Street has long been seen as a candidate for redevelopment, with a previously proposed 14-story mixed-use building by Concept Design Group envisioning a modest rental project rising above ground-floor retail. That plan, which would have required a zoning change, ultimately never moved forward, leaving the low-rise commercial gem with Art Deco detailing dating to the 1920s to survive several more years.
Now being marketed for sale, the property sits at the center of a neighborhood in transition, where former garment and light industrial buildings are steadily giving way to residential and mixed-use development, a shift that could accelerate if the proposed Midtown South rezoning allows projects like this to proceed as-of-right.
Now being marketed for sale, the property sits at the center of a neighborhood in transition, where former garment and light industrial buildings are steadily giving way to residential and mixed-use development, a shift that could accelerate if the proposed Midtown South rezoning allows projects like this to proceed as-of-right.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
Contributing Writer
Cait Etherington
Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.
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