Spring is nearly here and NYC’s budding real estate market has new developments in store. The market has quickly rebounded from last year and it’s back to the business of building. Looking to buy in a new development? We’ve narrowed down the neighborhoods slated for the most new homes.
For a deeper understanding of New York’s real estate market, check out our market report below.
Brooklyn leads the city in new development permits
When it comes to new developments, Brooklyn is booming. You’d be forgiven if you predicted Manhattan would take the lead in this category. The island’s ever present scaffolding is sure to fool anyone. However, Brooklyn nabbed the top spot with a total of 173 approved permits for new residential buildings.
New development permits by borough
- Brooklyn: 173
- Bronx: 102
- Queens: 75
- Manhattan: 33
- Staten Island: 11
Neighborhoods with the most new developments
While each borough is slated for more buildings, they are not equally distributed. Instead, these new developments are heavily concentrated within specific neighborhoods.
- Bedford-Stuyvesant: Known for its plentiful brownstones, Bed-Stuy takes the lead with 22 new permits. These developments will help satisfy demand for the neighborhood’s growing popularity
- Astoria: Not to be outdone by the gleaming towers of its neighbor, Long Island City, Astoria comes in second with 21 permits. Residents love this neighborhood’s laid-back vibe, and the short subway ride into Manhattan makes it an ideal choice for commuters.
- Bushwick: While the neighborhood has become popular among artists and creatives over the last decade, Bushwick has also gained the attention of developers. Twenty new permits have been approved for the area.
- Flatbush: The secret’s out on this quiet, central Brooklyn neighborhood. Its proximity to Prospect Park and the restored Kings Theater have caused the neighborhood to spike in popularity. Developers have taken notice too, as there are 19 new permits for this nabe.
- Williamsburg: Already a prime choice for those looking for private outdoor space in Brooklyn, Williamsburg has 17 permits. The waterfront continues to be a draw, with Domino Park and other attractions luring buyers and renters alike.
New housing units: The Bronx leads the way
The Bronx is slated to have the most new housing with 6,341 units planned for the borough. Brooklyn is right on its heels with 6,310 residences being built. Below you’ll find a breakdown of the most planned new units by neighborhood.
Top neighborhoods for new units
- Greenpoint: 1,523
- Mott Haven: 1,322
- Astoria: 1,074
- Jamaica: 868
- Concourse: 861
For the full list of new units by borough and neighborhood, view our report here, or download it below.
Midtown remains king for skyscrapers
While Manhattan may not have as many new buildings on the horizon as the outer boroughs, the island won’t be getting any competition for its iconic skyline. If you’re not afraid of heights and have your eyes set on living in a high-rise, stick to Manhattan. The tallest new building will clock in at 49 stories and be located in East Midtown.
Additionally, Morningside Heights will be getting new 42- and 34-story buildings, followed by the Lower East Side with a new 32-story building in the works. If you’re looking outside of Manhattan, Greenpoint is your best option as there are two, 40-story buildings planned.
Whether you’re on the hunt for a new home, or just love watching the city’s skyline grow, the market won’t be pumping the brakes anytime soon.
Ready to buy a home in NYC? Let Localize jumpstart your homebuying journey today.