YIMBY’s 2020 New Building Report, covering 2019’s numbers, showed a substantial increase in applications, with 2019’s total filings reaching 36,467. This year, the numbers have dropped somewhat, with 2020’s submitted residential units totaling 30,036. While this was a decrease, it was still substantially above the 2018 total of only 20,393 new units filed, indicating that in spite of the profound headwinds beginning in March of last year that are now seemingly abating, permitting activity remained fairly vigorous. The full report covering 1,774 new buildings and over 57 million square feet of new floor space is available in Excel format upon purchase of YIMBY’s Building Wire subscription.
During the third quarter of 2020, spanning the period from July through September, developers expressed confidence in the city’s long-term economic future, as evidenced by the 446 building permits filed during the period, nearly matching the 476 filings in the second quarter. Between these applications, which cover all types of projects, the new residential buildings permitted totaled 5,638 units, a decrease from 9,309 the previous quarter, and a drop from 8,063 units submitted in Q3 of 2019. Despite the drop in residential units entering the pipeline for the Five Boroughs, overall permitting activity remains relatively vigorous, and all filings are available in Excel format at the following link.
At the beginning of this year, Governor Andrew Cuomo announced a major redevelopment initiative for the area surrounding New York City’s Pennsylvania Station. Referred to as the “Empire State Complex,” the project team is now completing a final scope of work, which will take into consideration the many comments received from community activists, experts, and officials since a scoping meeting on July 20, 2020.
The second quarter of 2020, without a doubt, has brought more upheaval to New York and the United States at large than any period since September of 2001. However, in spite of all of the challenges, the city is continuing to grow: 476 new building permits were filed in the three-month period from April through June, spanning 9,309 multi-family units, with the full rundown of all the new developments in Excel format available at the link. While this was down somewhat from Q2 2019’s 12,123 residential unit filings for the same time period, it was still up substantially from 7,010 filings during Q2 of 2018, indicating that New York City’s economic engine remains revving.
Today, YIMBY has the scoop and exclusive reveal of official renderings for the 450,380-square-foot mixed-use building coming to 2 Hudson Square. Located at the southeast corner of the neighborhood, the lot will soon house a public school with an office tower above for boutique finance and tech tenants. The 465-foot-tall, 26-story development is a joint venture between Taconic Investment Partners and Nuveen, after the pair acquired the land in a 99-year lease from Trinity Real Estate, the real estate branch of Trinity Church. SHoP Architects is responsible for the design.