New Developments in New York City


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New Developments in New York City:

New Developments in New York City Many new housing permits were issued in New York City in the year 2008, and as a result lots of new buildings were constructed. The trend over the last few years showed that buyers as well as developers were not confident about the real estate market and where it was heading. As a result they were not willing to invest on any new projects.

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The reason mentioned earlier had a huge impact on the market and we can see a 20 percent drop from last year on the number of new development listings currently on the market. But, right now in Manhattan it is covered with tight inventory and lots of buyers are looking to invest in high end new constructions, which made the developers get the idea that the market is not as bad as they feared. There were 4,059 new residential permits approved by the city in the first five months of 2012, according to the census data.

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The figure shows that 39.4 percent increase in new constructions over the same period in 2011. But the figures have dropped from 58 percent from the year 2008 when a whopping 9,723 new constructions were approved. The good thing is we are going to witness many new development projects on the horizon as the market is looking good right now. In the first five months in 2012, 1,422 permits were issued in Manhattan. In the same period in 2011 the number of issued permits were only 146, which shows that in one year it has increased to almost 10 times.

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We have witnessed some record breaking sales in those new buildings. The world is changing and so the concepts of these new buildings are also changing. Apartment Rental NYC is not easy. The new buildings that are being built are uber luxury and the trend shows that it will continue to come up with these kinds of apartments. There are some apartments that will hit the market soon which are my favorites:

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290 West St 150 Charles St 445 Lafayette St 11 East 68 th St 301 East 50 th St