{"id":2263,"date":"2020-03-31T10:11:36","date_gmt":"2020-03-31T14:11:36","guid":{"rendered":"https:\/\/www.construction.com\/newsroom_details_pag\/pandemic-wont-upend-key-nyc-projects\/"},"modified":"2025-08-07T09:49:56","modified_gmt":"2025-08-07T13:49:56","slug":"pandemic-wont-upend-key-nyc-projects","status":"publish","type":"post","link":"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/","title":{"rendered":"Pandemic won\u2019t upend key NYC projects"},"content":{"rendered":"<p><strong>Coronavirus pandemic won\u2019t upend key NYC projects, developers say<\/strong><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.construction.com\/wp-content\/uploads\/2022\/12\/nyc-construction.webp\" alt=\"\" \/><\/p>\n<p>Big Apple developers will be sweating out the open-ended statewide construction halt ordered by Gov. Andrew Cuomo last week, but are optimistic the crisis will end soon enough to save their projects and investments.<\/p>\n<p>The overdue shutdown to protect thousands of construction workers <a href=\"https:\/\/nypost.com\/2020\/03\/18\/coronavirus-in-nyc-construction-workers-keep-building-even-if-sick\/\">from contracting the coronavirus<\/a> puts into limbo some 25 million square feet of office space and 5,000 apartments in the five boroughs that are in various phases of construction.<\/p>\n<p>\u201cThe big picture for a developer or owner is a question of liquidity,\u201d CBRE regional Chief Executive Mary Ann Tighe said of the short-term future. \u201cHow much capital is on hand to support an extended period with diminished or no revenue?<\/p>\n<p>\u201cNo financeable project is based on a perfect time frame. Cushions are built in for any development,\u201d she said. \u201cIf the shutdown is 90-120 days, it isn\u2019t optimal, but it can be accommodated within an existing pro forma.\u201d<\/p>\n<p>Some companies acted swiftly. Howard Hughes Corp. shut down work on the Seaport\u2019s Tin Building and Pier 17 early last week before the state mandate.<\/p>\n<p>Other stymied projects range from nearly finished ones such as Lightstone\u2019s 130 William St. condo tower to others still at the foundation level, including Boston Properties\u2019 and Joseph Moinian\u2019s 3 Hudson Boulevard office tower.<\/p>\n<p>Additional sites falling silent include Related Cos\u2019 50 Hudson Yards, Tishman Speyer\u2019s Spiral, SL Green\u2019s One Vanderbilt and the <a href=\"https:\/\/nypost.com\/2020\/03\/23\/the-durst-organization-landed-two-new-leases-before-coronavirus-outbreak\/\">Durst Organization\u2019s<\/a> Queens Plaza Park \u2014 a 67-story rental apartment tower \u2014 in Long Island City.<\/p>\n<p>Douglas Durst told The Post of the overall situation: \u201cOnce the construction stoppage is lifted, projects will get going pretty quickly. The financing is in place and this stoppage doesn\u2019t screw it up.\u201d Durst previously said leasing at Queens Plaza Park was to start in 2021.<\/p>\n<p>Several developers\u2019 reps emphasized that any visible, ongoing work is to secure sites to protect the public and the properties during the shutdown.<\/p>\n<p>However, Related can continue construction on residential buildings in Far Rockaway and on Roosevelt Island because they are 100-percent affordable \u2014 one of several exemptions to the stop-work rule. Others are for \u201cessential\u201d work on transit and health care facilities and homeless shelters.<\/p>\n<p>At One Vanderbilt, work can proceed on ground and below-ground work as part of SL Green\u2019s $200 million investment in new subway station links \u2014 but not on the tower itself, which was scheduled to open later in 2020.<\/p>\n<p>But sources said there\u2019s confusion over whether the affordable-housing construction exemption applies to projects with a mix of market-rate and affordable units. \u201cThere\u2019s a lot of people talking to the governor\u2019s people,\u201d an insider said.<\/p>\n<p>While the shutdown will delay tenant move-ins, among myriad other challenges for owners and occupiers, developers could face foreclosure efforts by lenders in the event of a prolonged stall.<\/p>\n<p>But Manus Clancy, senior managing director of Trepp, which tracks the CMBS, commercial real estate and banking markets, said, \u201cI can\u2019t see them wanting to foreclose in this environment. The notion of taking over a half-built office or residential project with no timeline on how long this takes seems the worst of all options.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coronavirus pandemic won\u2019t upend key NYC projects, developers say Big Apple developers will be sweating out the open-ended statewide construction halt ordered by Gov. Andrew Cuomo last week, but are optimistic the crisis will end soon enough to save their projects and investments. The overdue shutdown to protect thousands of construction workers from contracting the&#8230;<\/p>\n","protected":false},"author":41,"featured_media":2217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[75],"tags":[],"class_list":["post-2263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reports"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pandemic won\u2019t upend key NYC projects | Dodge Construction Network<\/title>\n<meta name=\"description\" content=\"Pandemic won&#039;t upend key NYC projects. 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Read the report on essential work status and the commitment to major development schedules.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/\" \/>\n<meta property=\"og:site_name\" content=\"Dodge Construction Network\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DodgeData\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-31T14:11:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-07T13:49:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.construction.com\/wp-content\/uploads\/2017\/07\/Construction_PR_Default_Desktop_Hero_0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"445\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amy Roepke\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DodgeData\" \/>\n<meta name=\"twitter:site\" content=\"@DodgeData\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amy Roepke\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/\"},\"author\":{\"name\":\"Amy Roepke\",\"@id\":\"https:\/\/www.construction.com\/#\/schema\/person\/36bd01278d9ccdca5984486b4b361b97\"},\"headline\":\"Pandemic won\u2019t upend key NYC projects\",\"datePublished\":\"2020-03-31T14:11:36+00:00\",\"dateModified\":\"2025-08-07T13:49:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/\"},\"wordCount\":531,\"publisher\":{\"@id\":\"https:\/\/www.construction.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.construction.com\/wp-content\/uploads\/2017\/07\/Construction_PR_Default_Desktop_Hero_0.jpg\",\"articleSection\":[\"Reports\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/\",\"url\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/\",\"name\":\"Pandemic won\u2019t upend key NYC projects | Dodge Construction Network\",\"isPartOf\":{\"@id\":\"https:\/\/www.construction.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.construction.com\/reports\/pandemic-wont-upend-key-nyc-projects\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.construction.com\/wp-content\/uploads\/2017\/07\/Construction_PR_Default_Desktop_Hero_0.jpg\",\"datePublished\":\"2020-03-31T14:11:36+00:00\",\"dateModified\":\"2025-08-07T13:49:56+00:00\",\"description\":\"Pandemic won't upend key NYC projects. 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