- REAL ESTATE EDUCATION
- MEMBER SPOTLIGHT
- GIVING BACK
Housing Production On NYC Landmarked Properties
June 1, 2014
REBNY analyses conducted in 2013 showed that nearly 28 percent of Manhattan is landmarked and that fewer than 2% of new housing units built in Manhattan over a ten-year period of time were constructed on landmarked properties.
The following analysis of properties and new housing activity in the other four boroughs—the Bronx, Brooklyn, Queens and Staten Island—over the same time period (2003-2012) shows that although landmarking is not as widespread as in Manhattan, the creation of housing and affordable housing is also sharply curtailed on landmarked properties located in those boroughs.
SUMMARY OF FINDINGS
An analysis of properties in New York City shows:
- 3.64% of the City is landmarked, with Manhattan having an astonishingly high 27.71% of its properties landmarked.
- Individual community districts have considerably higher percentages: two in Manhattan are approximately 70% landmarked, and three in Brooklyn have over 25% of their properties landmarked.
- From 2003-2012 throughout the City:
- 0.64% of new residential units—or 1,318 out of a total of 206,819 units—were constructed on landmarked properties.
- 17% of the 206,819 housing units constructed in the City were affordable, but only 0.29% of the affordable units were built on landmarked property.
- Of the 100 affordable housing units constructed on landmarked properties in the five boroughs, 95 of them are in one heavily subsidized project in the Bronx.
The data in this report echo the findings from REBNY’s previous reports: housing production—and particularly affordable housing production—is drastically lower in landmarked areas. In addition, virtually all of the affordable housing created through construction or renovation on landmarked properties was created by a City agency or on properties sold by the City (or a non-profit) to a developer in a heavily discounted transaction.