May 17, 2017
The development boom in New York City is statistically official. Analysis by the New York Building Congress shows that new residential building permits reached a 10-year high in Q1 2017.
New York Building Congress’ Carlo A. Scissura said, “For those anxious that the boom times in the residential construction sector might have ended in 2015, the data from the first three months of 2017 should elicit a huge sigh of relief.”
New York approved permits for 6,343 apartments, roughly triple of the same period in 2016. In Q1 2007, 7,264 permits were issued across the five boroughs.
The top boroughs in Q1 2017 were:
- Brooklyn with 2,097 permitted units, or roughly a third of the citywide total
- Manhattan with 1,486
- Queens with 1,434
Construction activity is being credited to a pending revamp of the 421a program, now reborn as Affordable New York, and confidence in the rental development market.
For comments, questions or concerns, please contact Dennis Kaiser