New York YIMBY: 4Q Report Shows Taller, Larger Buildings

Overall figures from NYC’s construction filings from the 4^th Quarter (4Q) 2022 — October through December — show the average filing has become roughly twice as large and increased from 3.2 to 4.1 floors in height versus 3Q 2022, New York YIMBY reports. The number of new building filings was down slightly, from 768 in Q3 to 738 in Q4, the number of hotel/residential filings jumped from 7,217 to 13,030 and the “total filed-for floor area effectively doubled, rising from 10.6 million ft² to 20.3 million ft²” from one quarter to the next. In terms of filings per borough, Queens led the way with 225, followed closely by Brooklyn with 214, Staten Island with 173, the Bronx with 95 and Manhattan (where buildings are notably larger and taller) with 40. “However, Manhattan’s 4Q tally roughly triples the borough’s paltry count of 14 filings in 3Q, indicating a strong resurgence in developer interest,” YIMBY observes. Another interesting finding is that filings with the highest floor counts in each of the boroughs are located far from established tower clusters. The full report is available in Excel format with a subscription to YIMBY’s Building Wire.