Q2 2025 Construction Pipeline Report Shows Improving Overall Activity But Few Large Proposed Residential Projects

Overall new building filings were up 43% year-over-year and proposed multifamily units 58% higher than historical average 

New York, NY – The Real Estate Board of New York (REBNY) today released its New Building Construction Pipeline Report for Q2 2025. This report examines new building job application filings submitted to the Department of Buildings, providing historical comparisons and insights into the current state of development in New York City.  The report shows a significant uptick in overall construction activity by both building permits and construction square footage. For multifamily housing, activity was in line with Q1 2025 and continued to perform well compared to historical averages but trails necessary milestones to reach production goals. Lastly, projects under 100 units made up an outsized share of filings.  

In Q2 2025 there were 424 new building filings, reflecting a 28% increase from Q1 2025 and a 43% increase year-over-year. However, this total is 25% below the historical average since 2008. The total proposed construction square footage in Q2 2025 was 8.5 million, a 6% increase from Q1 2025 and a 91% increase from Q2 2024. The total proposed square footage is 32% below the historic average and marks the tenth straight quarter that the total proposed construction square footage has been under 10 million.

Looking at multifamily housing specifically, there were 6,943 proposed multiple dwelling units spread across 158 proposed buildings in Q2 2025, which is a 1% increase in units from the previous quarter. While the number of units is 58% higher than the overall average in units since 2008, the total remains significantly short of the 12,500 units per quarter required to meet the Mayor and Governor's goal of 500,000 new housing units over the next decade. 

Of the quarter’s 158 proposed new buildings with multiple dwelling units, 109 units were under 50 units, 41 were between 50-99 units, four were between 100-149 units and four were 150 or more units. Thus far in 2025, there have been 16 99-unit filings, following 12 filings of this size in the second half of 2024. The 28 99-unit projects over the last four quarters is more than double the 13 99-unit projects filed between 2008 and the passage of 485-x in 2024. In addition, the number of 50 to 99-unit filings in Q2 2025 was 116% above the average since 2008.  

“An upward trend in overall construction activity is a welcome finding for New York City’s economy but concerns remain when it comes to the continued lack of larger proposed multifamily development,” said Zachary Steinberg, REBNY Senior Vice President of Policy. “Large multifamily projects are essential to solving the city’s housing crisis and policymakers need to focus on addressing this growing challenge with viable solutions.” 

When broken out by borough, proposed activity for all projects is concentrated within Brooklyn, Manhattan and the Bronx, which account for 82 percent of proposed square footage. The Bronx led all boroughs in proposed multifamily units. 

 The full report can be accessed here.    

# # #  

ABOUT THE REAL ESTATE BOARD OF NEW YORK   

The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.rebny.com.   

MEDIA CONTACT:   

Chris Santarelli   

csantarelli@rebny.com   

(212) 616-5249