Developers widely reject large 485x projects
It’s common knowledge among New York City’s developers that large-scale projects are virtually a nonstarter under the 485x program. Seeing the data behind that narrative is nevertheless shocking. This week, six months’ worth of data was released by the city. The data dump revealed that developers are capping their buildings at 99 units, even when zoning allows more, because of wage and affordability requirements that soar at 100 and 150 units. Let’s dive into those numbers. Of 152 registered 485x projects in the last six months, 20 contained exactly 99 units; only one contained more, according to a preliminary analysis […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Ziel Feldman’s UES penthouse heads to foreclosure
auction
Atlas Capital snaps up Hell’s Kitchen multifamily for
$142.5M
Host Hotels adds to NYC footprint with Brooklyn buy
Bushburg buying 60 Wall Street for $400M
MetLife grows again at namesake Manhattan building
6 (Real) Ways to Get a 6% Mortgage Rate in 2027
Buy More Rentals Faster With DSCR Loans (No W-2 Needed)
(Rookie Reply)
NY Dirt: Not just Fannie and Freddie, it’s
“everyone”
Milan And Lake Como: The New Power Couple Of Italian Real
Estate
The Investor Ban Is Law. It Is Not Why Wall Street Is
Selling Homes
