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NYC Construction Moves Forward; Albeit Slowly

NEW YORK CITY-A new NYBC report shows notable dips in the number of stalled construction sites around town, but president Richard Anderson tells GlobeSt.com's Rayna Katz the numbers should be dropping further and faster.

By Rayna Katz | Updated on November 25, 2013

NEW YORK CITY-The continued strength of the multifamily market—and developers’ confidence in the sector—is evident in new research that shows a significant decline in stalled construction sites earmarked for residential projects and, to a lesser extent, mixed-use developments.

The number of stalled construction sites throughout New York City has dropped by 12% this month—compared to November 2012—to 610 from 690, according to a New York Building Congress analysis of New York City Department of Buildings inspection records. And the number of stalled sites citywide is on a steady decline: it peaked at 709 in November of 2010.

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