Developers said a Manhattan without 421a would be a Manhattan without new rent爱上海同城论坛 als but no signs that s actually happening yet No clear shift to condos in resi permit filings: TRData
UPDATED: May 19, 3:21 p.m.: Manhattan residential developers have pulled back significantly in 2016 in the face of a sagging luxury market and the end of the 421a tax abatement. But the predicted shift to condos hasn’t yet materialized, according to a rough, back-of-the-envelope analysis of building permit applications by The Real Deal.
In the first four months of year, developers filed 37 applications to build about 2.1 million square feet of total residential space in Manhattan, down from about 4 million square feet over the same period last year and just over 5 million in 2014.
The weakest month by far was January, when applications totaled just 134,000 square feet, the lowest in any month in over two years.
Part of the reason might be what happened on the 15th day of that month: the expiration of 421a.
Predictions abounded at the time, with developers and analysts anticipating both a decline in overall development and a radical shift away from rentals towards condos.
“New York is a city of renters and one that continues to grow,” said Real Estate Board of 新爱上海同城对对碰论坛 New York president John Banks in a statement at the time. “Without a program like 421-a, one can’t build multi-family rental housing with a significant below-market, or affordable, component on a scale necessary to address the C[……]Read More