{"id":1004546857,"date":"2021-01-26T01:41:00","date_gmt":"2021-01-26T09:41:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546857"},"modified":"2022-12-08T10:09:41","modified_gmt":"2022-12-08T18:09:41","slug":"new-york-city-construction-activity-hits-8-year-low","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-city-construction-activity-hits-8-year-low\/","title":{"rendered":"New York City Construction Activity Hits 8-Year Low"},"content":{"rendered":"
\"\"

Image by Hannah Busing via Unsplash<\/p><\/div>\n

New building filings in New York City last year represented a proposed 42.6 million square feet\u2014about a 28 percent decrease in construction activity year-over-year and the lowest figure since 2012, according to the Real Estate Board of New York’s Q4 2020 New Building Construction Pipeline Report.<\/p>\n

Major construction projects in the city\u2014those larger than 300,000 square feet\u2014also hit the lowest point since 2012, with just 11.6 million square feet. The figure represents about a 35 percent drop year-over-year.<\/p>\n

\n

READ ALSO: <\/strong>Where Was the Tallest New Building in 2020?<\/a><\/p>\n

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The real estate organization said in a release that the data reflects the \u201curgent need\u201d for major investments in infrastructure\u2014something REBNY is optimistic could happen after recent plans proposed by New York Gov. Andrew Cuomo and President Joe Biden.<\/p>\n

In his recent State of the State address, Cuomo proposed details of a $306 billion infrastructure plan and an objective that would allow underutilized commercial space to be converted to residential use. The Biden administration has said that the new leader will work with Congress next month on major federal infrastructure legislation.<\/p>\n

REBNY President James Whelan said in prepared remarks that New York City is not currently getting enough construction projects underway, and it is not creating enough housing\u2014including affordable housing\u2014to address immediate and long-term needs.<\/p>\n

Positive developments<\/strong><\/h2>\n

The state of new development in New York City got a welcome boost last week when the Port Authority of New York & New Jersey released a plan to rebuild the much-maligned Port Authority Bus Terminal in Midtown. The plan seeks to accommodate more buses during rush hour and reconfigure design issues that have led to buses blocking sidewalks around the terminal. Port Authority Executive Director Rick Cotton said the project would take 10 years and billions of dollars to complete.<\/p>\n

The announcement came less than a month after the long-awaited Moynihan Train Hall finally opened to the public<\/a>. The $1.6 billion project expanded the Penn Station complex by 255,000 square feet and increased the station\u2019s total concourse space by 50 percent.<\/p>\n

Meanwhile, construction at L&L Holding\u2019s Midtown skyscraper 425 Park Ave. recently entered its final stages<\/a> after 15 years in development. The 670,000-square-foot new tower broke ground in 2015 and is the first full-block structure to rise along Park Avenue in 50 years.<\/p>\n

Read the full report by REBNY<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

In its fourth-quarter construction activity report, the Real Estate Board of New York said much-needed infrastructure projects could make up for the decline in building. <\/p>\n","protected":false},"author":745,"featured_media":1004546858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,45527,21752,1600,21742,10,21747],"tags":[50599,35309],"class_list":["post-1004546857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-keyword-optimized","category-mixed-use","category-new-york","category-latest","category-northeast","category-office","tag-james-whelan","tag-rebny"],"acf":[],"yoast_head":"\nNew York City Construction Activity Hits 8-Year Low - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-construction-activity-hits-8-year-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York City Construction Activity Hits 8-Year Low\" \/>\n<meta property=\"og:description\" content=\"In its fourth-quarter construction activity report, the Real Estate Board of New York said much-needed infrastructure projects could make up for the decline in building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-construction-activity-hits-8-year-low\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-26T09:41:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:09:41+00:00\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Image-by-Hannah-Busing-via-Unsplash.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-york-city-construction-activity-hits-8-year-low\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-york-city-construction-activity-hits-8-year-low\/\",\"name\":\"New York City Construction Activity Hits 8-Year Low - 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