Brooklyn Leads in New Condo, Co-Op Plans

The state Attorney General’s office accepted 710 condo and co-op plans for New York City in 2006, a 73.6 percent increase over the number accepted in 2005, suggesting that the home-building boom in the city continues to reverberate despite rising foreclosures in some areas and a tougher mortgage market for consumers.

These 710 plans encompassed 26,474 housing units, 75.8 percent more than accepted in 2005, according to a new report from the city’s Rent Guidelines Board. Almost all of the plans–91 percent–were for new construction.

Of the plans accepted citywide, nearly 56 percent–397–were for condos and co-ops in Brooklyn. Manhattan accounted for the next biggest chunk of accepted condo and co-op plans at 32 percent, or 224. But, the new projects in Manhattan tended to be bigger than those in Brooklyn, so the 224 plans encompassed more units (14,748) than the 397 in Brooklyn (7,784 unit).

The Attorney General’s office must accept all condo and co-op offering plans before sales can begin.