More stalled sites in New York City are waking from their gentle slumber, bolstered by revived residential projects in Manhattan and Brooklyn.
The number of frozen construction sites in New York City dropped by 12 percent year-over-year in November, from 690 to 610, according to a report by the New York Building Congress.
NYBC analyzed New York City Department of Buildings inspection records and found that the number of stalled sites citywide peaked at 709 in November 2010. (Tweet this stat)
The number of stalled sites in Manhattan dropped 26 percent, from 122 in November 2012 to 90 in November 2013. Brooklyn witnessed a 17 percent decline to 267 stuck projects. The Bronx was the only borough that saw an increase in the number of delayed sites, from 26 in November 2012 to 43 this month. Here’s a chart showing the number of sites on hiatus by borough:
“In our annual construction forecast report released in October, we estimated that residential construction spending will double between 2012 and 2015,” New York Building Congress President Richard T. Anderson said in a statement. “That rosy outlook was based largely on the fact that a number of luxury developments, which were shelved during the Great Recession, have come roaring back to life.”
More fast facts:
- Of the projects where work commenced and then was stopped, 67 percent were residential.
- Across the city, 43 percent of the stalled sites are vacant, meaning that developers obtained permits but have yet to start construction.
- Of the 610 currently stalled projects on the DOB list, more than half have been paused for at least three years.