Development starts remain sluggish, but some bright spots emerge

TRD New York /
May.May 10, 2011 01:04 PM

From the 2011 Data Book: It was another slow year for new condo starts in New York City in 2010, though condo projects that were already underway and
on the market saw their fortunes brighten somewhat in their ability to lure buyers.

New condo units submitted to the Attorney General’s office (a measure of projects first entering the development pipeline)
dropped 28 percent citywide from the year prior, already a dark time for new construction.

The total number of units in 2010 amounted to less than one tenth of the number of projects in the pipeline during the boom in 2006. Stalled construction sites also increased citywide. “Especially for the next 12 to 24 months, you’re still going to see
a relatively small amount of [new development] supply,” said Stephen Kliegerman, executive director of Halstead Property Development Marketing. Click on the link at the top of the site or here to buy the 2011 Data Book. TRD


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