Brooklyn Dominates List of Stalled Construction Projects
A report from the New York Building Congress out this morning says that there are over 500 stalled construction projects in New York City right now–and that almost half of them are in Brooklyn. Here’s how the 537 stalled sites break down by borough: Brooklyn (237), Queens (140), Manhattan (80), Staten Island (34), Bronx (24)….
A report from the New York Building Congress out this morning says that there are over 500 stalled construction projects in New York City right now–and that almost half of them are in Brooklyn. Here’s how the 537 stalled sites break down by borough: Brooklyn (237), Queens (140), Manhattan (80), Staten Island (34), Bronx (24). Within the County of Kings, the worst-hit area is, not surprisingly, North Brooklyn, which accounts for 30 percent of the borough total. Earlier this year, we reported on the dearth of applications for permits to begin new residential projects in New York City. Apparently, the economic contagion has now spread to residential projects that were already permitted and where construction already began, said Building Congress President Richard T. Anderson.
More than 500 NYC Construction Projects Stalled [Building Congress]
We’re luck that there aren’t many such stalled sites in our neighborhood. Here’s an article from the December issue of the Lefferts Manor Echo, which just came out:
Stalled Construction Sites in Prospect Lefferts Gardens
By Robert Marvin
Since the start of the economic downturn stalled construction sites have been a major problem in Brooklyn and New York City as a whole. The Dept. of Buildings maintains a list of such sites. The latest version, dated 11/29/09, shows 515 such sites in the City. Fortunately, the list only shows four stalled construction sites in Prospect Lefferts Gardens located at 382 and 393 Lefferts Avenue, 322 Lincoln Road, and 185 Ocean Avenue. The Ocean Avenue site, location of a proposed eight-story condo building, is adjacent to the newly designated Ocean Avenue Historic District and has itself been calendared by the Landmarks Preservation Commission for possible future inclusion in that district.
Many other Brooklyn brownstone neighborhoods have much greater numbers of stalled projects, but, while our neighborhood is relatively lucky, that is small comfort to those living next to, or near, stalled sites.
Conspicuous by it’s absence from the DOB list is the site of the proposed glass tower, fronting on Lincoln Road, west of Flatbush Avenue and Flatbush Avenue, north of Lincoln Road.
Mr. Brennan, How ’bout taking a look at 400 15th Street in Park Slope. Find someone to finish this POS, please. Five years is enough already.
These are the kinds of opportunties we are tracking at MyHome, Brooklyn. See Brownstoner post just above this. As BHO points out there could be great opportunites for developers like us to pass the discounted values on to the end-user / future homeowner. We employ a model that will expedite the delivery process.
Donald Brennan
Principal
MyHome, Brooklyn
sometimes you are correct BHO…what can i say? however, the vulturing/subsequent project completion process would take years for many stalled projects. I just think that saying “what’s really cool is that those stalled condo projects in the Williamsburg area will put downward pressure on prices in Park Slope” is probably wishful thinking in the near term. I do agree however, that the north brooklyn/south brooklyn markets are not independent.
Half Off: i think youre not gonna see prices drop to much anymore. Williamsburg is an established neighborhood already. Dont forget that hunderds of ppl bought and invested already in this hood, they live here, they open shops over here. 5 years ago, the whole thing about williamsburg was all about its quick and good transportation to Manhattan, but by now i think its a place of its own!!!
I’m only kidding, squaredrive! I couldn’t resist! I’m sure you are quite intelligent.
What you’re missing is that this is more evidence of credit contraction and that these stalled projects will likely get vultured and restarted for pennies on the dollar. The vultures will plenty of room to undercut falling comps.
***Bid half off peak comps***
“What am i missing?”
A brain.
***Bid half off peak comps***
I’m unclear how stalled construction projects put pressure on prices. The units aren’t done, and probably won’t be done anytime in the near future, so they do not affect inventory. Those stalled projects seem like more of a symptom than a cause. What am i missing?
Absolutely, joe. What Park Slope bulls fail to acknowledge is that price disparities due to location were already built into the market before the price boom. The disparity is intrinsic but the massive excess fat will get hacked off EVERYWHERE. Prices are quite obese but fasting and liposuction is well underway.
***Bid half off peak comps***