When a building receives its temporary certificate of occupancy from the Department of Buildings, potential clients can enter the building and purchase or lease space. For brokerages, keeping an eye on when a building has filed for its temporary certificate of occupancy is pivotal to being the first firm to begin showing rental or condo units. For a lender, knowing that a developer filed for that temporary of occupancy years ago and still has not received it is equally valuable information, as this represents a project that may require capital to meet the requirements of the Department of Buildings.
TRData’s new development pipeline is tracking the progress of every project in the five boroughs with at least 5,000 square feet or five residential units. Keeping an eye on each and every one of these projects allows us to notice trends and isolate developments that may be close to completion. Perhaps more importantly, it allows us to single in on projects that filed for permits years ago and have not received them.
TRData has assembled a list of 869 projects throughout the five boroughs that have filed for a temporary certificate of occupancy but have not yet received it. These projects consist of both new building and A1 job filings. Twenty of these projects only filed for their TCO within the last month and those projects will presumably come to market soon. Another 134 of these projects filed for their TCO between 2003 and 2015 and have obviously hit a hurdle in receiving the permits they need to begin leasing and sales.
Click here to download a free sample of projects throughout the five boroughs that have filed for their TCO but have not yet received it. Contact Derek Smith at [email protected] to learn pricing and receive a custom sample.