Placemaking and High-Stakes Bidding Lead NYC’s Development Agenda
New York continues to evolve across boroughs, with major development projects reshaping both underused public space and high-value real estate.
In Dumbo, CityPickle has been tapped to redevelop a long-vacant 60,000-square-foot plaza beneath the Brooklyn Bridge into a pickleball-anchored public hub. The plan includes 11 seasonal courts, plus year-round food trucks, green space, and shaded seating. Operated under a three-year NYC Parks license, the project is designed to reintroduce recreational value to a long-overlooked site.
Over on Manhattan’s Far West Side, Silverstein Properties and Rush Street Gaming are pushing forward with a bid for one of the state’s downstate casino licenses. Their proposal, Avenir, would span a 92,000-square-foot site near the Javits Center and include dual 46-story towers, 1,000 hotel rooms, a skybridge, gaming and entertainment space, and 100 units of affordable housing. Developers emphasize the site’s clean entitlements and lack of displacement risk — factors they say give them an edge in a crowded field.
In Gowanus, a new rendering for 175 3rd Street reveals what will soon be the neighborhood’s largest building — nearly 1 million square feet of mixed-use space. Backed by Charney Companies and Tavros Capital, the site will include 1,000 rental units and a landscaped esplanade along the canal. It marks the final phase of the Gowanus Wharf master plan, which collectively covers 2.2 million square feet and makes Charney and Tavros the area's largest landholders.
Meanwhile, in Midtown East, developer Abraham Lokshin has secured a $35.4 million construction loan from Popular Bank for 1009 Second Avenue. The proposed project would bring 29 new residential units to the neighborhood, though the building has not yet received permits.
Office Expands, Retail Contracts
While the broader office sector continues to face headwinds, tech firms remain active in New York leasing. Pinterest is reportedly in talks for an 80,000-square-foot lease at 11 Madison Avenue, signaling continued confidence in NYC by West Coast players. The move would follow Amazon’s own recent expansion, including a 330,000-square-foot lease and building purchases in Midtown.
In contrast, retail tenants in the city’s subway system continue to disappear. Newsstands — once a ubiquitous fixture of transit life — are in steep decline, hampered by pandemic-era closures, reduced foot traffic, and restrictive city regulations. Operators are limited by a $10 price cap and banned from selling prepared food, making profitability nearly impossible. Safety concerns and regulatory summonses add to the pressure, with many sites now sitting vacant.
To combat these vacancies, the MTA is experimenting with creative programming. One example: “Rex’s Dino Store” at Grand Army Plaza — an art installation housed inside a vacant newsstand. The display is part of a broader initiative to invite artists and cultural organizations into empty spaces at no cost, reframing transit retail as a platform for public art.
Legal and Financial Pressures Mount for NYC Developers
Two New York developers are under legal scrutiny.
Yoel Goldman is facing the threat of a sheriff’s arrest warrant after allegedly ignoring multiple court orders related to a $8.5 million judgment in favor of Meyer Chetrit. The dispute stems from loans extended years ago. Despite court conferences and a 2022 contempt ruling, Goldman has not appeared or produced the required documents. A hearing is scheduled for June 10.
Meanwhile, Josh Schuster has pleaded not guilty to federal charges of wire fraud and securities fraud. Prosecutors allege he defrauded investors of more than $10 million in a Ponzi-style scheme, using new capital to pay off old obligations — while also funneling funds to personal debts, company payroll, and gambling. The SEC has also filed a civil case. Schuster faces a potential 40-year sentence if convicted, with trial set for early next year.