If you've noticed a lot of new scaffolding and safety netting going up throughout the city, you may be onto something. 2003 and 2004 are setting up to be substantial years for new residential development.
The very nature of development is a lengthy process that takes many steps - and sometimes many years - to complete, making it difficult to determine exactly why development may be on the rise from one year to the next. But low interest rates, high prices for rentals, and the increasing desirability of nearly every neighborhood in New York City all seem to be contributing.
In a city like New York, different areas are experiencing different types of development and at different rates. "Last year, there were approximately 5,000 new residential units added to Manhattan south of 96th Street," says Charles Singer, director of market research for Rockrose Development, a development company in Manhattan. "This year we're looking at between 5,000 and 6,000 so it's comparable to last year."
Meanwhile, parts of Brooklyn are experiencing a building boom, according to Christopher Thomas, a realtor with William B. May in Brooklyn. "After a long period of watching new residential developments go up in Manhattan without many developments being undertaken in Brooklyn, there's starting to be quite a bit of development locally."
New Additions to the Skyline