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Number of New Condo Filings Dips From This Time Last Year

Meanwhile, a big spike occurred ahead of the expiration of 421-a

The number of condominium units in New York City filed with the New York Attorney General’s Office is down from this point last year, according an analysis by The Real Deal. In the first two months of last year, there were 1,069 units filed in January and February, but this year there were only 764. In fact, February 2016’s 366 units marks the second lowest month in the last year of filings (the lowest was August).

The high point of the last year in condo filings was June, when over 1,400 new units were proposed. By borough, the most condo filings in the past year took place in Brooklyn, followed by Manhattan, Queens, Staten Island, and then the Bronx.

In non-condo news, the biggest spike in finings ever occurred in the weeks before the January 15 expiration of the 421-a tax abatement program (condos did not qualify for the latest state of the program). In those weeks, nearly 18,000 units of apartment housing were approved. That’s just one example of how important the program was to developers and why the powers that be should find a way to revive it.

New Development Condominium Filings – February 2016 [TRD]

Everything You Need to Know About NYC's 421-a Tax Program, Poised to Expire Today [Curbed]