The Data Drop: In a pricey world, NYC’s builders pivot to redevelopments
Welcome to The Data Drop by TRD Data, a weekly look at the numbers shaping real estate. This week, we are looking at how persistently high financing costs are shaping development in the Big Apple. An analysis of city permit data over the past year revealed that the city’s builders are shifting gears, turning to redevelopment projects over ground-up construction. Specifically, office-to-residential conversions are dominating construction work in Manhattan, while expansions of one- and two-family homes are becoming the norm in Brooklyn. Explore our map of where the city’s builders are keeping the construction pipeline flowing, even when interest rates […]
This article originally appeared on The Real Deal. Click here to read the full story.
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