Some good news for New York City’s real estate recovery: the city approved more building permits in the first quarter of 2013 than any quarter since late 2008, according to data compiled by NYU’s Furman Center for Real Estate and Urban Policy. A total of 3,805 units were approved from January through March, with 2,990 of those permits in Brooklyn and Queens (which, interestingly, saw more permits approved than the trendier borough to the south).
The bad news for renters and would-be home buyers: the increase won’t even come close to meeting demand. According to census data released last Thursday, New York City added a whopping 147,000 people between 2000 and 2012—nearly as many as the increase between 2000 and 2010, when the city added 178,000 bodies (though this number was controversial, with some claiming that it undercounted immigrant neighborhoods and areas with lots of new construction).
In the Rezone
The Williamsburg and Greenpoint rezonings in the 2000s allowed for tens of millions of square feet of new residential development—between 30 million and 32 million square feet, Vicki Been at NYU’s Furman Center told The Observer—but for developers looking to meet the torrent of demand flooding into northern Brooklyn, it hasn’t been anywhere near enough. Builders Read More
Purple People Eaters
New York City urbanists could be forgiven for experiencing a bit of déjà vu last week when New York University announced the launch of the Marron Institute on Cities and the Urban Environment. The new center, made possible by a $40 million gift from financier billionaire Donald B. Marron, will join a panoply of urban studies centers at the university, and be headed up by Richard Revesz, whose tenure as dean of NYU School of Law ends in May.
Speaking by phone with The Observer, Mr. Revesz said that the Marron Institute will lead three subordinate, already-existing NYU programs: the Center for Urban Science and Progress, the Institute for Public Knowledge and the Urbanization Project.
It’s crystal ball time again, in which we use the past, the present and market reports to look into the future of real estate market.