Residential property construction permits New York City

Number of new residential property construction permits in New York City is at close to the lowest level since the 1960s according to the Real Estate Board of New York (REBNY).  In the last decade 2000-2009, there were 231,228 residential housing permits issued.  The estimate for 2010-2019 is only 78,315 permits or slightly higher than the worst decade of the 1990s when about 70,000 permits were issued.

Manhattan flat permits and supply

Drastic decrease in Manhattan, New York flat building permits means potential property shortage and hence price increase.  The supply shortage is more dramatic than recovery from previous recessions driven by financing constraints to developers.

               

Carnegie 57 by Extell at 57 Street (top) and 450 W 42 St are amongst the few developments in progress right now.  Carnegie 57, a condo / hotel will be 90 stories and the city's tallest residential building upon completion in 2012.  The hotel component will be known as Park Hyatt.