Number of stalled NYC construction sites jumps to January 2011 levels

Brooklyn leads with 323 stalled projects

New York /
Nov.November 28, 2012 04:00 PM

Back to the drawing board, New York City. The number of stalled construction sites in Gotham has risen 17 percent since February—effectively eliminating progress made in getting construction going again in the last year, a new report from the New York Building Congress shows.

The Department of Buildings began tracking the number of stalled sites in the five boroughs in July 2009, following the collapse of Lehman Brothers the previous September, which resulted in widespread construction delays. This month, 691 sites were identified as stalled, up from 592 in February of this year. The November total marks the seventh highest number of stalled projects since the report’s inception, and the highest since January 2011.

Of the sites deemed stalled, 45 percent have been on the DOB’s list since it began, and 26 percent were added this year. The New York City Department of Finance estimates that stalled sites, including vacant land, have an aggregate market value of $883 million, the report said.

Brooklyn fared the worst of all the boroughs, with 47 percent of total construction projects — 323 in all — stalled as of today’s report.

“It is interesting to note that while the raw number of stalled sites has increased, the estimated market value has dropped by nearly half a billion dollars,” Building Congress President Richard Anderson said in the statement. “This suggests that the luxury residential market was home to an outsized percentage of the projects that have resumed in 2012.” –Guelda Voien


Related Articles

arrow_forward_ios
Eric Ulrich and Kazimir Vilenchik (Twitter via Eric Ulrich, LinkedIn)
Mayor taps Republican ex-Council member as buildings chief
Mayor taps Republican ex-Council member as buildings chief
(iStock/Photo Illustration by Steven Dilakian for The Real Deal)
NYC construction deaths ticked up in 2021, but incidents notched 3-year decline
NYC construction deaths ticked up in 2021, but incidents notched 3-year decline
NYC construction deaths fell in first year of pandemic
NYC construction deaths fell in first year of pandemic
NYC construction deaths fell in first year of pandemic
Owner faces criminal charges in fatal Midtown façade incident
Owner faces criminal charges in fatal Midtown façade incident
Owner faces criminal charges in fatal Midtown façade incident
(iStock)
Drones’ role in facade inspections up in air
Drones’ role in facade inspections up in air
City approves mass timber, basement apartment rules
City approves mass timber, basement apartment rules
City approves mass timber, basement apartment rules
A condo building couldn’t collapse in NYC. Or could it?
A condo building couldn’t collapse in NYC. Or could it?
A condo building couldn’t collapse in NYC. Or could it?
Under Local Law 97, buildings larger than 25,000 square feet must start meeting new greenhouse-gas emission levels in 2024. (iStock)
Owners’ chance for emissions cap break is over
Owners’ chance for emissions cap break is over
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...