There have only been 1,187 new building filings in New York City this year, the fewest the decade since the Great Recession’s start in 2010/11, the Real Estate Board of New York (REBNY) reports.
REBNY’s Quarterly New Construction Pipeline Report says there was a slight increase in building filings — 411 — in the third quarter, compared to the previous two quarters (360 and 386). This is in contrast to the first two quarters, where filings declined 21.6 percent year-over-year, as the COVID-19 pandemic and shutdowns put the brakes on new projects.
Overall, year-to-date construction applications represent 5,456 dwelling units and 7.2 million sq. ft. of floor area, the report says.
Summarizing the report, Commercial Property Executive notes the largest projects in the third quarter by borough were:
- Manhattan: 155 W. 29th St. (Chelsea), a 17-story, 166,679-sq. ft. self storage facility;
- The Bronx: 2000 Valentine Ave. (Tremont), an 11-story, 111,423-sq. ft., mixed-use building with 181 dwelling units;
- Brooklyn: 2700 Atlantic Ave. (Cypress Hills), a 14-story, 238,506-sq. ft., mixed-use building with 227 dwelling units;
- Queens: 90-02 168th Ave. (Jamaica), a 12-story, 492,987-sq. ft., mixed-use building with 614 dwelling units;
- Staten Island: 81 Monroe Ave. (Brighton Heights), a four-story, 29,449-sq. ft., 33-unit residential building.