June 8, 2018 Comments Off on Queens Rules Apartment Starts as Other Boroughs Falter Views: 3340 New York News, Top New York

Queens Rules Apartment Starts as Other Boroughs Falter

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The place to find tower cranes in use at apartment construction sites is Queens, according to the New York City Economic Development Corporation’s latest snapshot report. The borough registered a 190% year-over-year increase in apartment units starting construction in April, lifting the citywide Y-O-Y increase to 14.4%.

Queens’ spike in apartment starts—much of it stemming from a single Long Island City tower that got underway in April—offset steep declines in other boroughs. Manhattan residential construction starts were down 26.5% Y-O-Y, while those in the Bronx plunged 69.3%.

For non-residential construction, a similar pattern was at work. Here, though, the dominating borough was Manhattan, in which April’s starts rose more than 400% from the year prior. Manhattan office buildings accounted for more than 90% of new non-residential square footage starting construction in April, according to NYCEDC, with no one project accounting for the major uptick.

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