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2019 “NEW BUILDING REPORT” PAINTS NYC REAL ESTATE PICTURE
New York YIMBY's 2019 "New Building Report," released this month, paints a thorough picture of the commercial real estate scenario across NYC boroughs in 2019 and 2020. The report reveals trends, and winners and "losers" as developers react to factors like legislative pressure and shifting demand. The residential construction momentum from 2017 through 2018, when the number of filings for new residential units with the NYC Department of Buildings rose from 20,393 to 34,039, continued in the 2019 timeframe. From 2018 to 2019, these filings increased 7.1% to 36,467. A push for additional affordable housing helped drive the numbers, which saw shifts in the boroughs: The biggest gain was in the Bronx, which overtook Queens with 9,321 unit filings, a gain of 25% from 7,449 in 2018. What the source described as "sweeping" legislative reforms for commercial property and shifting hotel markets resulted in the hotel sector suffering a 31.2% drop in new hotel room filings, from 5,519 to 3,797 in 2018 and 2019, respectively. In terms of overall height, "2019 gained substantially on 2018," with 56 permits filed for buildings at least 200 ft tall in 2019, compared to 36 such permits in 2018. The full report is available in spreadsheet form for US$199.
Image credit: by David Mark for Pixabay
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