{"id":1004499517,"date":"2020-12-16T07:06:41","date_gmt":"2020-12-16T15:06:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004499517"},"modified":"2020-12-16T07:06:41","modified_gmt":"2020-12-16T15:06:41","slug":"nyc-construction-pipeline-lowest-since-2010-11-rebny","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-construction-pipeline-lowest-since-2010-11-rebny\/","title":{"rendered":"NYC Construction Pipeline Lowest Since 2010-11: REBNY"},"content":{"rendered":"
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Image by Free-Photos via Pixabay.com<\/em><\/p><\/div>\n

So far this year, there have been only 1,187 new building filings in New York City, the fewest since 2010 and 2011, just after the start of the Great Recession.<\/p>\n

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The finding is contained in the first of a new series of quarterly reports that the Real Estate Board of New York has started documenting.<\/p>\n

Similarly, filings in the first three quarters are down 21.6 percent year-over-year, the largest such decrease since the change between 2009 and 2010.<\/p>\n

REBNY\u2019s inaugural Quarterly New Building Construction Pipeline Report notes the importance of real estate development and construction to the city\u2019s economy. By itself, the real estate industry contributes \u201cmore than half of the tax revenue needed to run New York City,\u201d according to the board.<\/p>\n

At the outset of the pandemic, REBNY began tracking indicators that would let it monitor the city\u2019s economy, starting with the monthly investment and residential sales report. In November, because of major decreases in real estate activity, that report found that the city and state had collectively lost about $1.4 billion in tax revenues.<\/p>\n

The picture isn\u2019t entirely bleak. The third quarter represented a slight increase in new building filings (441) versus the first two quarters (360 and 386) and also over 12 months prior.<\/p>\n

Year-to-date, construction applications total a proposed floor area of 7.2 million square feet and 5,456 dwelling units.<\/p>\n

Five very different boroughs<\/h2>\n

By borough, the largest proposed projects in the third quarter were:<\/p>\n