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October 22, 2009
Sharp Drop in Building Residences in the City
The NY Times
By Charles V. Bagli
After five consecutive years in which residential construction in New York exceeded 30,000 apartments and houses annually, fewer than 6,300 units will be built this year, according to the latest report from the New York Building Congress, an industry trade group.
...
More than 460 residential projects have been delayed, nearly a third of them in Brooklyn, according to the latest figures from the city’s Buildings Department. Many analysts say it will take several years for the market to absorb all the luxury apartments that have been built recently.
NoLandGrab: And we're supposed to believe that Atlantic Yards developer Bruce Ratner is really planning to keep his commitment to build 6,430 residential units in the next ten years?
Posted by lumi at October 22, 2009 6:53 AM