Recent project filings with the New York City (NYC) Department of Buildings indicate that 2019 will be a very active year. Most of the residential construction activity is concentrated in luxury towers, which leads to lucrative but slow sales. Highlights include:
• 34,039 housing units filed in 2018, a 67% increase compared with the 20,393 units filed in 2017. The units correspond to 2,482 buildings, and includes one/two-family homes and multi-family buildings.
• The multi-family sector leads growth, with 32,580 units filed in 2018. This is a 70% increase with respect to the 19,180 units filed in 2017.
Expected Future Growth:
• Brooklyn is expected to construct more than 13,200 new apartments in 421 buildings.
• Manhattan & Queens will have more than 6,300 new apartments opening in each borough. These apartments are distributed among 79 buildings in Manhattan, and 154 buildings in Queens.
• The Bronx will construct over 2,400 new apartments. •
• The smallest growth is expected in Staten Island, with 126 new apartments.