Developing a project in New York City is as much about opportunity as it is location, location, location. For every skyscraper in the skyline there are countless tales of developers who tried and failed to build their own. Changing markets and poorly forecast construction costs lead to many developers being unable to finish a project that seemed foolproof when they filed plans with the Department of Buildings years ago. Knowing when to approach a developer to purchase or refinance a project that may be behind schedule is key to making the best deal.
TRData has used its new development pipeline to determine the average number of days between each step in the development process, allowing us to pinpoint projects that may be in need of assistance.
Since 2009, we’ve added every project that is filed with the Department of Buildings to our new development pipeline and tracked its progress as it receives permits and approval. Our pipeline now contains over 12,000 projects throughout the five boroughs. It also includes, for example, the number of days between when the project was filed and when it received its permit. Or the total number of days from filing to a completed building. Or the number of days between when the project was submitted to the Attorney General’s office and when the plan was accepted or effective.
Filtering our pipeline for a specific set of projects, such as developments with a proposed square footage between 25,000 and 50,000, allows us to see the average number of days each development step takes for a project of that size. There are 1,202 projects in our pipeline with a proposed square footage between 25,000 and 50,000. The average time it takes a project of this size to go from filing their project with the Department of Buildings to receiving a certificate of occupancy is 1,205 days, with 1,063 as the median number of days. There are 136 projects in our pipeline that have taken over 1,205 days to receive their certificate of occupancy after filing with the Department of Buildings.
In addition to grouping projects by their proposed square footage, we’re able to determine the average number of days between development steps for projects in a specific neighborhood, with a specific unit count or built by a specific developer, architect or contractor. Not only is this information useful to a developer or lender looking for struggling projects, these analyses can be hugely valuable to a new developer deciding the market they want to enter.
Click here to learn pricing and download a free sample of 10 projects with a proposed square footage between 25,000 and 50,000 that are behind schedule according to the average amount of time it has taken to complete similar projects.
Contact Derek Smith at ds@therealdeal.com or (646) 503-3561 with any questions regarding our data services