Manhattan permits increase

Manhattan recorded 98 applications for new building permits in the first four months of 2008, up 46 percent from the same period last year. Chelsea and Hell’s Kitchen’s Community Board 4 saw 16 permit requests and Midtown’s Community Board 5 had 10 requests, both received only 5 last year. Experts say developers are trying to finalize deals before the market worsens and the 421-a tax exemption program expires, which The Real Deal reported on in this month’s issue.