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Posted: December 27, 2022
2022 Year in Review: Graham Christensen, Douglaston Development
Vice President, Market Rate Development
Douglaston Development
What person, project, transaction or market trend had the greatest impact on your industry this year? The expiration of the Affordable New York Housing Program (421a) will drastically diminish the industry’s ability to construct new rental housing and greatly exasperate the city’s housing affordability crisis, which ultimately affects New Yorkers of all income levels.
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2022? 3Eleven, New York’s largest, new luxury multifamily building is my most notable project this year. As new housing stock is sparse, to bring West Chelsea a highly amenitized, 60,000 s/f space is incredibly rewarding. We launched leasing in August, and I am excited to see what the future holds.
How has your career path changed in 2022? The opening of 3Eleven, a project I spent seven years working on, was a major milestone for me this year. We currently have two new projects in our pipeline, and I am excited to now shift my attention to new projects and their accompanying neighborhoods.
What emerging trends will drive investment and development in 2023? The lack of 421a, combined with record-high office vacancy will drive developers to shift focus onto condominium projects. However, the volatile capital markets environment will make financing these projects difficult leading to a significant decline in new construction endeavors.
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