From the January issue: Condominium-plan submissions to the New York State Attorney General are the highest they’ve been since 2007, according to a TRD analysis of applications data.
The final unit count for 2015 will come nowhere close to pre-crash 2005 and 2006 levels. However, some argue that the lower numbers are healthy for the market. “Perhaps it’s best if we continue on a slow and steady path,” said Nathan Horne, of the Brooklyn-based Brick & Mortar, noting that overdevelopment was a hallmark of the pre-recession years. Through the end of November 2015, applications for approximately 12,650 residential condo units were submitted to the AG. That’s more than the 12,000 submitted for all of 2014 but well below the 32,000 seen in 2006.
Williamsburg was 2015’s top NYC neighborhood for applications, with developers applying for more than 1,100 units through November. Still, other neighborhoods are also on the ascent. A recent report from listings website StreetEasy found that Upper Manhattan saw the highest rate of median sales prices increases in NYC in the last year, with a 20.5 percent jump. “What we have is a perfect storm of low inventory and high demand,” said Beth Gittelman, head of sales at Harlem-based Bohemia Realty.
Additionally, data from market research website Urban Digs shows that 53 percent of Upper Manhattan homes sold for above their asking prices in 2015’s third quarter.