Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, EDI
Who is the largest commercial property owner in Manhattan?
New York’s 10 biggest property owners
Sep 14, 2018, 2:13pm EDT
Earlier this month, The Real Deal put out looking at the biggest property owners across the city based on square footage, along with their annual net operating income.
Their thorough analysis is definitely worth a read, but right here we’re going to give you a breakdown of the top 10 biggest property owners in the city, and some of the projects you might recognize them for.
- The city of New York: Unsurprisingly the city’s own government came out on top with the amount of properties and square footage it owns across the city. TRD’s analysis revealed that the city owns 362.1 million square feet and nearly 5,000 parcels of land and buildings across the city. Some of the city’s most recognizable and prized real estate includes the David N. Dinkins Municipal buildings at 1 Centre Street, which houses over 2,000 city employees; and the Fifth Avenue location of the New York Public Library.
- Vornado Realty Trust: With nearly 30 million square feet to its name, Vornado Realty Trust comes in second place. The massive real estate firm got its start in New Jersey in the 1940s, and has gradually built up its real estate empire since. Today some of its most recognizable real estate includes One Penn Plaza, and the upcoming 220 Central Park South, which will be home to .
When complete, One Vanderbilt will become the fourth tallest building in New York City. Courtesy of SL Green
3. SL Green Realty: With 28.7 million square feet, SL Green Realty only owns a fraction less than Vornado. The development firm got its start when its founder Stephen L. Green began taking Class B office buildings and projects is the office supertall, , which is currently rising next to Grand Central Terminal.. That paid off in a major way and SL Green now owns 73 buildings/parcels of land across the city. One of its most notable upcoming
4. Tishman Speyer: The existing company NYC and 167 million square feet across the world. In recent years, Tishman Speyer has been behind , known as Jackson Park; more recently, the firm unveiled its of the Downtown Brooklyn Macy’s, and next to it.when Robert V. Tishman, the grandson of a Polish immigrant who founded the predecessor to this company, started a new firm with his son-in-law Jerry I. Speyer. Today, the firm owns 20.5 million square feet in
5. Blackstone Group: Blackstone started off as a boutique mergers and acquisitions firm in 1985, and was founded by Peter G. Peterson, and Stephen A. Shwarzman (whose name is now synonymous with the main library in Manhattan). It’s sinc become one of the largest private equity firms in the world. In NYC, Blackstone owns 20.1 million square feet of real estate, and in 2016, for over $5 billion.
Hudson Yards as seen in April this year.
6. Related Companies: The real estate firm is almost singularly responsible for creating the enormous megaproject, so it only makes sense that they own about 18.7 million square feet of space across the city. But from a $10,000 loan its founder Stephen Ross borrowed from his mother to focus on developing affordable housing. Aside from Hudson Yards, Related is also behind other big-name projects like , and the High Line-hugging, Thomas Heatherwick-designed condo, .
7. Columbia University: Unsurprisingly, top 10 on this list. While the square footage of its holdings puts it in seventh place, in terms of actual buildings and parcels of land owned, it’s only second to New York City, with 246 sites. The university has been in the midst of a major expansion of late what with , and its in the Washington Heights campus.has managed to snag a spot in the
8. Brookfield Property Partners: With 17.5 million square feet, Brookfield comes in eighth place on the list. The firm’s name is perhaps best known for its massive office and shopping complex in downtown Manhattan, . More recently, the firm was in the news for from Kushner Companies at the troubled Midtown property 666 Fifth Avenue.
9. RXR Realty: One of the newest real estate firms on the scene, RXR has already made a major impression on the NYC real estate scene in the little over a decade that it has been in business. Today, it owns 16.5 million square feet of space across the city and 22 buildings or parcels of land. Notable NYC projects include the redevelopment of , and at Long Island University’s Brooklyn campus. RXR is also part of the development team trying to reimagine Philip Johnson’s postmodern icon for the 21st century.
The University’s Mercer Street expansion. Illustrations by studioAMD
10. New York University: Rounding out the top 10 is NYU, which has cemented its stronghold on vast portions of Manhattan. TRD estimates that it owns 14.3 million square feet of space and 111 buildings and parcels of land. Much like Columbia University uptown, NYU is undertaking a major expansions downtown with on Mercer Street. It’s also in the midst of in Downtown Brooklyn.