The New York City development market has rebounded remarkably in 2024, with $5.5 billion in development site sales—a 45% increase from the previous year. Office-to-residential conversions account for a substantial part of this volume. This turnaround is partly driven by public policies from city and state leadership, including the City of Yes rezoning initiative and tax incentives encouraging development. These developments have reinvigorated previously stagnant projects, especially in Brooklyn, signaling resilience and a shift towards addressing housing crises in NYC.
"Once the 421-a tax abatement was extended, a lot of projects that were stagnant moved forward, allowing sites that had the pile in to transact," said Justin Pelsinger, COO of Charney Companies.
"This shift isn't solely organic but fueled by new public policies designed to specifically address the housing availability and affordability crisis," indicating a broader trend in NYC.
#new-york-city #real-estate-development #housing-policy #office-to-residential-conversion #city-of-yes-initiative
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