Construction Coverage NYC

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.  

New York City (NYC) Residential Construction Market Overview - Learn More.