Scorecard: Fewer condos enter the pipeline in 2016

A roundup of news and reports on the residential market

New York /
Oct.October 31, 2016 07:30 AM


The number of planned condo units in NYC dropped significantly year over year, according to an analysis conducted by TRD last month. Between January and August of 2016, condo builders applied with the New York State attorney general’s office to sell 3,353 new residential units, a 41.2 percent drop from the 5,705 units they applied for during the same stretch in 2015.

 

Despite that decrease, the total number of condo buildings ticked up slightly compared to last year, indicating that developers have significantly shrunk the size and scope of their projects. Through August, developers applied for 188 residential condo projects in NYC — up from 182 a year ago. In 2015, the average number of units in new residential projects stood at 31.3, but during the first eight months of 2016 that dropped to just 17.8 units.

“This is indicative of what’s been happening in the market over the past year,” said Andy Gerringer of the Marketing Directors, citing tight construction financing.

 

In addition, the total number of units developers submitted to sell was down for all boroughs except Staten Island. In Manhattan, developers led for 1,725 condo units, down 34.5 percent from last year’s 2,633.

And in Brooklyn, the number of units developers applied for dropped by nearly half, sinking to 1,154 this year from 2,272 last year. “Developers are moving outward to find new neighborhoods to do condos in,” said David Chi of MNS TRData LogoTINY.

 

Related Articles

arrow_forward_ios
Attorney General Letitia James with 198 Scholes Street, 11 Gunther Place, 506 Dekalb Avenue and 65 Kent Avenue (Illustration by THe Real Deal with Getty, Google Maps)
Yoel Goldman’s All Year Management investigated by NY attorney general
Yoel Goldman’s All Year Management investigated by NY attorney general
Tish James and Donald Trump (Illustration by The Real Deal; Getty)
Trump Org forms Delaware company, and AG suspects asset shelter
Trump Org forms Delaware company, and AG suspects asset shelter
Chris Jiashu Xu and the Skyline Tower (Skyline Tower)
Some Skyline Tower condo owners say they were deceived
Some Skyline Tower condo owners say they were deceived
From left: Keller Williams’ Richard Amato and Greg Masaitis; Laffey Real Estate's Philip Laffey and Mark Laffey; Attorney General of New York Letitia James (rear center) (Getty Images, Keller Williams, Laffey Real Estate)
Brokerages cough up $115k to settle Newsday discrimination claims
Brokerages cough up $115k to settle Newsday discrimination claims
Attorney General Letitia James (Illustration by Kevin Rebong for The Real Deal)
For rent law cheaters, the ultimate punishment: Endless stabilization
For rent law cheaters, the ultimate punishment: Endless stabilization
Attorney General Letitia James (Getty)
AG nails landlord for breaking rent law, promises more to come
AG nails landlord for breaking rent law, promises more to come
Attorney General Letitia James (Getty, iStock)
Landlords who got aid are illegally raising rents: AG
Landlords who got aid are illegally raising rents: AG
New York State Attorney General Letitia James (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Eviction attorneys sued tenants who didn’t owe rent: AG
Eviction attorneys sued tenants who didn’t owe rent: AG
arrow_forward_ios

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

Loading...