August 10, 2020
Sales of development sites in the city dropped 27% to 103 transactions for the first six months of 2020 compared to the year-ago period, Crain’s New York Business reported, citing data from Development Site Advisors.
Builders also spent $1.4 billion, or 44% less, on purchasing new land this year than they did in the first six months of 2019. They also took 41% less space at 7.3 million buildable square feet, the report shows.
Yet, developers believe in the resiliency of New York City, the report said. They have filed 450 new building permits since January to begin construction on their new sites.
“New development is far from moribund, regardless of the uncertainties posed by Covid-19,” said Development Site Advisors’ Lev Kimyagarov told Crain’s.
Permit filings, though, are 18% lower than the year-ago period. Most are for residential developments in every borough except Staten Island, which is focusing on manufacturing.
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