NYC: Surge In New Development Filings

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NYC: Surge In New Development Filings

After two years of declining applications following the frenzies of 2014 and 2015, the preliminary numbers for 2018 appear to be signaling a major uptick in activity. Year-over-year filings of new residential units have grown substantially, rising from 9,134 in the first six months of 2017, to 15,305 in 2018 — an increase of 67.5%.
The uptick has been spread through each borough, with all five seeing year-over-year improvements in their DOB new unit counts. The biggest change has been in Queens, where 2017 saw a paltry 1,867 units filed in the first half. That number rose to 4,536 in 2018, an increase of 243%.
In terms of the top 10 tallest building filings to date in 2018, Manhattan has regained its relative mojo, accounting for six of the positions (source: New York YIMBY).