NYC office construction “at a virtual standstill”:

New construction starts for New York City office buildings declined significantly in the first four months of the year, according to the New York Building Congress. The value of office building construction starts during the first four months of 2010 totaled $163 million, which puts it on track to reach $489 million by the end of the year — a figure that pales in comparison to 2009’s $2.6 billion and 2008’s $1.3 billion. Renovations and construction on existing office buildings comprised the majority of office building activity, according to the report, with little ground-up construction momentum so far this year. Richard Anderson, president of the building trade group, said that few projects have come down the pipeline. “As office tower projects, such as Goldman Sachs and 11 Times Square,
were completed, the projects we hoped would replace them, such as the
Gem Tower and 250 West 55th Street, are on hold,” Anderson said. “With the exception of the
World Trade Center Towers 1 and 4, and the Gotham Center project in
Long Island City, new office construction is at a virtual standstill.” TRD