More building than meets the eye: analysis finds dramatic spike in planned construction projects

By Adam Pincus | February 08, 2013 10:30AM

From the February issue:  While any New Yorker can see cranes dotting the Manhattan skyline and recognize that developers are back to building, an analysis by The Real Deal shows that there is a lot more construction coming down the pike than meets the eye. While market analysts often cite U.S. Census data as the industry standard when talking about upcoming residential construction in New York City, those figures, which show an anemic level of activity, look at the number of residential building permits approved for Manhattan. However, TRD’s analysis — which looked at permit applications and is therefore one step ahead of the Census figures — revealed a surprising (and hidden) surge in planned development. Indeed, real estate firms filed more new Manhattan building applications last year — as measured in square feet — than at any time since 2007, seeding a wave of development that could continue rolling out for the next couple of years. [more]