The fourth quarter of 2025 saw significant increases in total proposed square footage and multifamily unit filings, the Real Estate Board of New York (REBNY) reported in its New Building Construction Pipeline Report for Q4 2025. The 511 total new building filings in Q4 2025 will add approximately 19.1 million square feet, nearly 5% above the historical average. The total proposed new square footage is 7% greater than Q3 2025 and up 201% from Q4 2024.  

Q4 2025 saw 202 filings for buildings with multiple dwelling units, REBNY reported. There were 13,982 multifamily units filed in Q4 2025, almost 200% above the historical average. The results surpass the 13,147 units per quarter needed to reach 500,000 new units by 2034 in order to keep up with population growth.  

“Q4 2025 saw significant overall and multifamily-specific proposed new construction—good news for New York City’s economy, jobseekers and residents feeling the pressures of a supply-driven housing crisis,” said Basha Gerhards, REBNY EVP of public policy. “We plan to continue to dig into these results to identify what underlying factors are influencing this surge in activity, if those factors are sustainable and can deliver housing at scale, and how best to maintain momentum.”