Summary:
18,935 residential and hotel units filed in Q3 2024, a 28% increase from Q2.
Significant growth in The Bronx and Manhattan, with double-digit percentage increases.
Increase in permits for larger multi-unit buildings and high-rise developments.
Average floor count per filing increased from 3.7 in Q2 to 4.1 in Q3.
Brooklyn continues to lead in total unit filings, followed closely by Queens.
NYC Construction Soars: Q3 2024 Report Reveals a Building Boom
New York City's construction market is hotter than ever! A recent report shows a significant surge in new residential and hotel unit filings during the third quarter of 2024.
Key Findings:
- Record-Breaking Filings: Developers filed permits for a staggering 18,935 residential and hotel units, a 28% increase from the previous quarter.
- Borough Breakdown:
- The Bronx: Experienced a substantial 28% increase in permit filings.
- Manhattan: Also saw a significant 26% increase.
- Brooklyn and Queens: While experiencing slight decreases, still led in total filings.
- Staten Island: Showed minimal growth.
- Building Size: A noticeable rise in permits for larger multi-unit buildings contributed to the overall increase. Filings for buildings with over 500 units increased dramatically, a trend not seen in the previous quarter.
- Average Floor Count Increase: The average floor count per filing also saw a significant jump from 3.7 in Q2 to 4.1 in Q3, with larger buildings leading the growth.
- Top 5 Highest Floor Count Projects:
- 51 Willoughby Street, Brooklyn (43 floors)
- 42-19 24th Street, Queens (40 floors)
- 188 Duffield Street, Brooklyn (30 floors)
- 574 5th Avenue, Manhattan (29 floors)
- 219 East 42nd Street, Manhattan (29 floors)
This surge in construction activity indicates a strong and resilient New York City real estate market.
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