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Queens Rules Apartment Starts as Other Boroughs Falter
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
The place to find tower cranes in use at apartment construction sites is Queens, according to the New York City Economic Development Corporation’s latest snapshot report. The borough registered a 190% year-over-year increase in apartment units starting construction in April, lifting the citywide Y-O-Y increase to 14.4%.
Queens’ spike in apartment starts—much of it stemming from a single Long Island City tower that got underway in April—offset steep declines in other boroughs. Manhattan residential construction starts were down 26.5% Y-O-Y, while those in the Bronx plunged 69.3%.
For non-residential construction, a similar pattern was at work. Here, though, the dominating borough was Manhattan, in which April’s starts rose more than 400% from the year prior. Manhattan office buildings accounted for more than 90% of new non-residential square footage starting construction in April, according to NYCEDC, with no one project accounting for the major uptick.
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