Development Cools in Manhattan, Still Strong in BK
In The Real Deal this month, the real estate mag takes a look at the state of development in the city. Although more plans were filed in the first quarter of 2006 than in any other quarter in the past three years, Q2 saw a marked decline and the magazine is predicting an even bigger…
In The Real Deal this month, the real estate mag takes a look at the state of development in the city. Although more plans were filed in the first quarter of 2006 than in any other quarter in the past three years, Q2 saw a marked decline and the magazine is predicting an even bigger drop for Q3. The most pronounced decline in filings was in Manhattan. In Brooklyn, filings were actually up in the second quarter over the first, though they are expected to drop slightly for the third quarter. Since January of 2004, plans have been submitted for 18,056 new condo units in Brooklyn. David Carpenter, director of development for Meltzer/Mandl architects, notes that while he’s noticed signs of slowing in Manhattan, “[development] is picking up in Brooklyn.”
Is Development Slowing? [The Real Deal]
Graph of New Development 2004-2006 [The Real Deal]
No. It is a confidence index about yesterday’s market.
To the contrary, couldn’t you argue that this is a confidence index about the market?
Today, development = downward price pressure. Roll out the red carpet.