New Development Condominium Filings – February 2016
Condominium filings with the New York State Attorney General’s office hit the second-lowest point in the last year during February, with only 366 residential units included in new project plans, according to a TRData analysis of AG filing data. The low numbers come on the heels of another lower than average month, as only 398 units were filed in January. Combined, 764 residential units were included in condo submissions in the first two months of 2016, down from 1,069 units in the same two months just a year ago.
Low January and February numbers coincide with a significant drop-off in new construction permits issued by the Department of Buildings. In January, fewer than 600 units of housing were included in issued permits, the lowest such number in the last year. Similarly, as new condo filings with the AG spiked in June (more than 1,400 new condo units proposed city-wide in project plans), one of the largest spikes in issued construction permits in the history New York City also occurred, as nearly 18,000 units of apartment housing were approved in new construction permits citywide in the weeks before the expiration of the 421-a developer tax abatement.
By borough, Brooklyn has seen the most new development condo units submitted for approval over the last 14 months with 3,158 units. Manhattan is a close second at 2,763 units. Very few condos were officially planned for either Staten Island or the Bronx in that time period. The sole Bronx condo project filed calls for just nine units and is set for 3174 Riverdale Avenue in the Spuyten Duyvil neighborhood. — Will Parker