June 26, 2017
Developers will open more than 35,000 new apartments in New York City in 2017.
Many of these are squeezed into a few submarkets or even a few projects, like the Hayden, which is bringing nearly 1,000 new apartments to Long Island City in Queens, or 33 Bond Street, which will bring 714 apartments to Downtown Brooklyn. Developers are also bringing 2,900 apartments to Chelsea and the Far West Side of Manhattan this year, according to the second quarter report on apartments from Marcus & Millichap.
Vacancy rates are following a clear pattern in New York City. The percentage of vacant apartments is relatively high (for New York) in places like Manhattan (2.9%) and Brooklyn (3.1%), where developers have built the most new luxury apartments. Vacancy rates are lowest in the Bronx (1.3%) and Queens (1.4%), close to Manhattan but with much less new construction. Vacancy rates rise again further away from Manhattan, in submarkets like Staten Island (3.1%) and Westchester County (3.9%).