The Real Estate Board of New York (REBNY) has examined the new building job application filings submitted to the NYC Department of Buildings for the second and third quarters of 2021. This report provides an analysis of that data and draws historical comparisons to contextualize and provide a comprehensive understanding of the current state of development in New York City.
While new building filings fell in Q2 2021 compared to the first quarter of the year, activity noticeably increased in Q3 2021.
There were a total 356 new building filings in Q2 2021, which reflects a 12.53% decline compared to Q1 2021 and a 7.77% decline from Q2 2020. However, in Q3 2021, the total number of new building filings was 486, which is a 36.52% increase from the previous quarter and a 10.20% increase year-over-year.