Q4 2025 Report Shows Significant Increase in Proposed Construction as Total Square Footage and Multifamily Unit Filings Top Historical Averages

13,982 Proposed units in Q4 2025 mark a substantial increase above the historical average and surpasses 13,147 units needed per quarter to meet goal of 500,000 new units by 2034

New York, NY – The Real Estate Board of New York (REBNY) today released its New Building Construction Pipeline Report for Q4 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. Building on the momentum of the previous quarter, Q4 2025 saw significant increases in total proposed square footage and multifamily unit filings.

The 511 total new building filings in Q4 2025 will add approximately 19.1 million square feet, nearly 50 percent above the historical average. The total proposed new square footage is 7% greater than the previous quarter and up 201% from Q4 2024.

Q4 2024 saw 202 filings for buildings that will have multiple dwelling units. Breaking these filings out by building size: 110 were under 50 units, 67 were between 50 and 99 units, four were between 100 and 149 units, and 21 were 150 or more. Six proposed buildings with 150 or more units were filed within Wage Zones A and B, where developers utilizing the 485-x program must offer significantly higher wages and deeper affordability requirements.

There were 13,982 multifamily units filed in Q4 2025, almost 200 percent above the historical average. The results are 19% higher than the previous quarter and 225% above Q4 2024, surpassing the 13,147 units per quarter needed to reach 500,000 new units by 2034 that New York City needs to keep up with population growth.

“Q4 2025 saw significant overall and multifamily-specific proposed new construction—good news for New York City’s economy, jobseekers and residents feeling the pressures of a supply-driven housing crisis,” said Basha Gerhards, REBNY Executive Vice President of Public Policy. “We plan to continue to dig into these results to identify what underlying factors are influencing this surge in activity, if those factors are sustainable and can deliver housing at scale, and how best to maintain momentum.”

Broken out by borough, Queens accounts for the highest amount of proposed new square footage, as well as the most proposed new multifamily units.

The full report can be accessed here.

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