TRD ’s ranking of builders with the most construction underway finds them focused on delivering denser housing stock, while rising material costs and an ever-onerous approvals process hamper progress
AvalonBay Communities recently completed the 191-unit rental property Avalon Great Neck, which is located on the 5-acre former site of Commander Oil.
UPDATED April 3, 11:32 a.m.: In recent years, Long Islanders have been in the process of rethinking the notion of suburbia, shifting from a vision of green lawns, white picket fences and quiet streets lined with single-family homes to a more modern image of bustling residential communities built around vital town centers. The denser living that was said to be Long Island’s future is now its present, as the youngest and oldest families increasingly look for a new way of life that may not include a mortgage.
Multifamily housing projects are by far the most popular type of endeavor on the Island, according to The Real Deal’s analysis of data compiled by CoStar. These new builds make up about 81 percent of the total square footage under construction by Long Island’s top 10 developers in the fourth quarter of 2017, the data showed.
The added availability of high-quality rentals appeals to many would-be buyers, and developers are racing to bring more units to the market to meet demand.
“There’s more need than we can supply of that product,” said Steven Dubb, principal at the Beechwood Organization, which came in third in TRD’s ranking of top Long Island developers. The ranking analyzed data on the square footage of under-construction projects as of the fourth quarter of 2017 with a rentable building area of at least 10,000 square feet in Nassau and Suffolk counties, as recorded by CoStar. Condo projects were excluded. Tritec Real Estate had the most square footage under construction, with the first phase of its Ronkonoma Hub project — made up of 477,300 square feet of multifamily space — breaking ground in November 2017. The firm could not be reached for comment.