In New York City, luxury residential developments receive extravagant marketing and even make it to the silver screen on “Million Dollar Listing New York.” The commercial projects, even the ones responsible for changing or reinvigorating a neighborhood, win far less glory. While the prolific office and retail developments do garner attention among prospective tenants, many commercial properties fly under the radar, especially before they’re ready to be marketed.
TRData has used its pipeline of over 12,000 projects and completed properties to determine the average number of days it takes a commercial project to reach each step in the development process. Among the 1,359 commercial projects in our pipeline, the average amount of time it took a project to receive a temporary certificate of occupancy, the permit that allows the space to be sold or rented, was 1,009 days from the time the project was first filed with the Department of Buildings. The median number of days between when the commercial project was filed and when it received its TCO is 1,047 days.
Using this information, we can supply commercial brokers, investors, lenders or developers a reliable list of commercial projects that are presumably close to receiving their TCO based on the amount of time it’s been since they filed with the Department of Buildings. There are 69 commercial projects in our pipeline that are within a year of the average amount of time it takes a commercial project to receive its TCO and another 56 projects that have surpassed the average number of days by a year or less and have not received their TCO. These projects are prime candidates to approach with your business.
Click below to download a free sample of five commercial projects that are within a year of the average number of days it takes to receive a temporary certificate of occupancy. Contact Derek Smith at [email protected] or (646) 503-3561 for pricing and inquiries.