Demolition on the Upswing Throughout Brooklyn

Yesterday the PropertyShark blog documented the rise of demolition permits throughout New York City. The number of demo permits in all five boroughs is up five percent from 2011 and up 13 percent from 2010. In 2012, 1,174 demo permits were filed in New York City and 300 of those permits were for Brooklyn buildings. The number of permits in Brooklyn is about five percent higher than in the previous year; it represents a four-year high since 2008. New construction permits, on the other hand, are down six percent throughout New York City from 2011. That number’s also 59 percent lower than the number of new building permits filed in 2008. You can see a graph documenting the number of new building permits filed in Brooklyn since 2008 after the jump. And check out all the demolition permits filed in New York from 2012 on this PropertyShark map. We would surmise the real estate market has improved, and there is more new development, and hence more demolition, except new building permits are down. Maybe there’s just a lag? What do you think?
NYC Demolition Permits Slowly Rising, while New Building Permits’ Decline May Be Leveling Out [Property Shark Blog]