New York & Tri-State | December 14, 2020

NYC Construction Filings Reach 10-Year Low

The number of new construction filings in 2020 is New York City’s lowest since the wake of the Great Recession, the Real Estate Board of New York said Friday.

There were 1,187 new building filings citywide through the first three quarters of 2020, a year-over-year decline of nearly 22%, according to REBNY’s New Building Construction Pipeline Report. This is the lowest year-to-date number since 2010.

Following on the new report, leaders of the Real Estate Board of New York (REBNY), Building and Construction Trades Council (BCTC), Building Trades Employers Association (BTEA) and New York Building Congress called on government officials to address the industry’s serious challenges.

“This 10-year low point for new construction activity calls for an all-hands-on-deck response by elected officials and a laser focus on policies that will generate jobs and growth without setting back crucial recovery efforts,” said REBNY President James Whelan.

Pictured: Victory Plaza topping out, November 2019.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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