NYC Construction Soars: Q3 2024 Report Reveals a Building Boom

New York City's construction market is hotter than ever! A recent report shows a significant surge in new residential and hotel unit filings during the third quarter of 2024.

Key Findings:

• Record-Breaking Filings: Developers filed permits for a staggering 18,935 residential and hotel units, a 28% increase from the previous quarter.

• Borough Breakdown:
  • The Bronx: Experienced a substantial 28% increase in permit filings.
  • Manhattan: Also saw a significant 26% increase.
  • Brooklyn and Queens: While experiencing slight decreases, still led in total filings.
  • Staten Island: Showed minimal growth.

<img src="https://newyorkyimby.com/wp-content/uploads/2024/11/NYC-DOB-2024-Q3-01-Number-of-permit-filings-by-borough-Vitali-D-Ogorodnikov.png" alt="Number of new construction permits filed per borough in New York City in Q3 2024">

• Building Size: A noticeable rise in permits for larger multi-unit buildings contributed to the overall increase. Filings for buildings with over 500 units increased dramatically, a trend not seen in the previous quarter.

<img src="https://newyorkyimby.com/wp-content/uploads/2024/11/NYC-DOB-2024-Q3-10-Units-by-building-size-Vitali-D-Ogorodnikov.png" alt="New residential and hotel construction permits filed in New York City in Q3 2024 grouped by unit count per filling">

• Average Floor Count Increase: The average floor count per filing also saw a significant jump from 3.7 in Q2 to 4.1 in Q3, with larger buildings leading the growth.

• Top 5 Highest Floor Count Projects:
  1. 51 Willoughby Street, Brooklyn (43 floors)
  2. 42-19 24th Street, Queens (40 floors)
  3. 188 Duffield Street, Brooklyn (30 floors)
  4. 574 5th Avenue, Manhattan (29 floors)
  5. 219 East 42nd Street, Manhattan (29 floors)

<img src="https://newyorkyimby.com/wp-content/uploads/2024/11/NYC-DOB-2024-Q3-07-Number-of-filings-per-floor-count-category-Vitali-D-Ogorodnikov.png" alt="New construction permits filed in New York City in Q3 2024 grouped by floor count">

This surge in construction activity indicates a strong and resilient New York City real estate market.