With over 60,000 licensed brokers and salespeople in New York City, a residential broker must use every advantage they can find. Keeping track of when new buildings get the green light for marketing can be a frustrating and confusing process, but staying informed is the edge a broker needs to be successful in such a competitive industry. When a building is issued a TCO, or temporary certificate of occupancy, the property is legally ready to be lived in and sales can begin.
The Real Deal‘s ever growing New York City real estate database, TRData, has assembled the 107 TCOs issued for newly constructed buildings larger than 5,000 square feet across the five boroughs during the second quarter of 2017.
Of those 107 buildings, 44 were developed in Brooklyn. Bushwick, Williamsburg and Crown Heights ranked as the most active neighborhoods over those three months, with eight projects in Bushwick and seven in each of the other areas.
Despite having the most projects approved for marketing in the second quarter, Brooklyn was eclipsed by Manhattan in the number of square feet constructed and as well as the number of residential units completed. While Manhattan had only 21 projects that were issued TCOs, they totaled more than 2.3 million square feet, compared to Brooklyn’s 1.2 million square feet. Manhattan also holds the top two neighborhoods ranked by the number of square feet constructed — with Hell Kitchen’s hitting 702,408 square feet and Chelsea checking in at 554,129 square feet. Hell’s Kitchen and Chelsea also received the largest number of completed residential units of any neighborhood in NYC, with 624 units and 449 units, respectively.
On the next rung of the ladder, Queens and the Bronx battled for third place in all categories. Developers in Queens were issued TCOs for 18 projects in the second quarter of 2017 with the Bronx close behind with 17 projects. The city issued six of those 18 developments in Flushing, while Astoria, Long Island City and Ridgewood lagged behind with two projects each. The Bronx’s most popular neighborhood for development was Kingsbridge, with four projects receiving TCOs.
Despite the Bronx receiving fewer projects than Queens, the number of square feet developed in the borough was significantly higher, with 792,168 square feet constructed compared to Queens’ 526,335 square feet. The city issued TCOs for far more residential units in the Bronx compared to Queens. The Bronx received TCOs for 692 residential units, compared to Queens’ 370 units. Popular neighborhoods in the Bronx include East Morrisania with 164 units, Kingsbridge with 158 units and Mott Haven with 136 units. The Queens neighborhood with the most units where buildings were issued TCOs was Flushing with 106 units.
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Please contact Derek Smith at [email protected] with any questions.