Press Release
REBNY Staff
January 28, 2025
New York, NY – The Real Estate Board of New York (REBNY) today released its New Building Construction Pipeline Report for Q4 2024. 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.
Of note, Q4 2024 residential filings were up from the previous quarter and have reached alignment with the historical average, giving some optimism for an upward trend moving forward. However, these results still trail what would be needed each quarter to reach goals set by city and state leaders for new units by the end of the decade. The overall construction pipeline in the quarter was down significantly year-over-year and below the historical average. Key findings gathered in this report includes:
In Q4 2024 there were 366 new building filings, reflecting a 12% increase from Q3 2024 but a 58% decrease year-over-year. The Q4 2024 filings were 36% below the historical average since 2008.
There were 4,309 proposed multiple dwelling units spread across 97 buildings in Q4 2024, a 17% increase in units from the previous quarter and in line with the overall average since 2008. This number of units 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.
There was only one new building filing in Q4 2024 with proposed total construction square footage exceeding 300,000, two fewer than the previous quarter and covering a square footage of 3% less than the total square footage of large projects in Q4 2023 and 19% below the historical average.
While State lawmakers agreed upon a package of programs in Q2 2024 to spur commercial to residential conversions and incentivize new development projects, the effect of these programs were not reflected in new project findings as their utilization required local rulemaking and zoning reforms that were not completed until late in the year. Developers and investors have already noted that that the labor and affordability requirements for the new development incentive present challenges to utilization, while the rulemaking changes adopted by the New York City Department of Housing Preservation and Development are expected to make it less likely that below market rate rental units will be included in conversion projects.
“The data on new building filings in Q4 2024 shows that the City is trailing production goals and historical development trends, which should be a concern for those focused on solving our housing supply crisis and keeping New York City’s economy moving forward,” said Zachary Steinberg, REBNY Senior Vice President of Policy. “The passage of City of Yes toward the end of 2024 is a step in the right direction though, offering a modern zoning framework to spur development across all five boroughs. As interest rates and construction costs continue to stabilize, the industry should find some relief from volatility that has challenged new development in recent years.”
The full report can be accessed here.
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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.
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