According to the Real Estate Board of New York’s latest report, New York City experienced a notable surge in its new construction pipeline towards the end of 2023. However, the majority of these new building applications were earmarked for one-, two-, or three-family homes situated in the outer boroughs, rather than addressing the pressing need for apartment buildings.
According to the Commerical Observer, while that seems like good news as the city continues to face a housing shortage, the increase was largely thanks to a record-breaking number of permit filing for one- to three-family homes, 568 applications to be exact.
In a rare exception, Staten Island had more new building filings than any other borough, 520, a 395 percent increase from last year. The borough accounted for 76 percent of new building filings in the fourth quarter, while Queens came in second with just 14 percent, followed by Brooklyn with 10 percent, the Bronx with 4 percent and Manhattan with 1 percent, the report found.