By Frank Fortino
First off, I hope that everyone feels rested, recharged, and ready for another great year. From the opening bell, 2016 was a fast paced and interesting year as we continued to create a diversified skyline for our great City. Architects and developers have taken full advantage of the zoning laws, new materials and techniques; their creativity and visions continue to add to our amazing City’s profile.
2016 felt like a very busy year, and numbers are in to back up this feeling:
New York City issued permits for 1,631 new residential units in November, according to data released by the U.S. Census Bureau. This figure is 35% more than a year ago, in November of 2015.
The City issued permits for 733 new units in Brooklyn in November, the most of any of the City’s boroughs. The City issued permits for 480 units in the Bronx, 247 in Manhattan, 123 in Queens and 48 in Staten Island.
The City issued permits for 13,906 units. While this was far behind 2015’s pace of 56,528 units, the drop-off reflected a rush for permits before the 421-a residential property tax exemption expired. (The tax exemption may be renewed in the new year – In November, a deal supported by developers, union leaders and Governor Andrew Cuomo was struck to revive 421-a after a lengthy dispute over whether to require a minimum wage for construction workers on projects that receive the benefit.)
Brooklyn again led the way in 2016 with 4,143 units permitted. In the Bronx, 3,248 units were permitted, in Manhattan 3,196 units, 2,458 in Queens and 861 in Staten Island.
To explore more of this Census Data, please click here. http://bit.ly/2gbiY6x
It’s clear that our industry remains strong, and I look forward to another year of continued growth as we work together to build our remarkable City. Each new building takes the hard work and skills of our industry community. Finished buildings bring their own creative spirit, that complement our City and the people who live here.
On behalf of the entire Metropolis team, I’d like to wish everyone a Happy, Healthy and Prosperous New Year! Let’s make it count.