NYC’s stalled construction sites drop 12 percent: report

New York /
Nov.November 25, 2013 10:41 AM

The revival of development projects in Manhattan and Brooklyn resulted in a 12 percent year-over-year drop in the number of stalled construction sites in New York City, according to the latest report from the New York Building Congress. There were 610 stalled construction sites citywide in November 2013, compared to 690 in November 2012 and a peak of 709 in November 2010, according to data from the New York City Department of Buildings.

The number of stalled sites in Manhattan dropped 26 percent over the past 12 months – from 122 in November 2012 to 90 in November of this year. Reignited projects in Manhattan include the Alexico Group’s 56 Leonard Street , Silverstein Properties’ 30 Park Place and Elad Group’s 5 Franklin Place in Tribeca

Brooklyn leads the city with 267 suspended projects, though it too has seen a 17 percent year-over-year decline, according to the report.

“In our annual construction forecast report released in October, we estimated that residential construction spending will double between 2012 and 2015,” said New York Building Congress president Richard Anderson in a statement today. “That rosy outlook was based largely on the fact that a number of luxury developments, which were shelved during the great recession, have come roaring back to life.” – Hiten Samtani


Related Articles

arrow_forward_ios
Gustavo Arnal (Bed Bath & Beyond, Getty)
Exec’s Jenga building suicide doesn’t figure to hurt sales
Exec’s Jenga building suicide doesn’t figure to hurt sales
Carlo Scissura, chief executive officer, New York Building Congress (New York Building Congress, iStock/Illustration by Steven Dilakian for The Real Deal)
Likely Adams pick Carlo Scissura won’t run EDC after all
Likely Adams pick Carlo Scissura won’t run EDC after all
Mayor Eric Adams with Jessica Katz of the Citizens Housing and Planning Council and Carlo Scissura (Getty, CHPCNY, Building Congress)
Adams to tap Jessica Katz for housing post, Carlo Scissura to run EDC
Adams to tap Jessica Katz for housing post, Carlo Scissura to run EDC
Manhattan contract activity picks up as discounts grow
Manhattan contract activity picks up as discounts grow
Manhattan contract activity picks up as discounts grow
56 Leonard Street (56 Leonard Tribeca and StreetEasy)
$50M penthouse at 56 Leonard Street goes into contract
$50M penthouse at 56 Leonard Street goes into contract
From left: 2-10 54th Avenue in Long Island City, 355 Exterior Street in the Bronx and a rendering of 145 Wolcott Street (Google Maps, Arquitectonica, iStock)
Construction activity dips for fourth straight year: REBNY
Construction activity dips for fourth straight year: REBNY
Pandemic may wipe out $16B in construction spending: report
Pandemic may wipe out $16B in construction spending: report
Pandemic may wipe out $16B in construction spending: report
Trade group calls for 24-hour construction to reboot cities
Trade group calls for 24-hour construction to reboot cities
Trade group calls for 24-hour construction to reboot cities
arrow_forward_ios

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

Loading...