Thursday, July 13, 2006

Building Booms while the Rental Market Tightens

The number of permits issued for new construction increased 25% over 2004 and 515% over a decade ago. That's alot of buildings going up here in the city. It appears as though the Chelsea/ Cliinton neighborhoods of Manhattan, Williamsburg/ Greenpoint areas of Brooklyn and The Rockaways in Queens are the biggest recipients of permits. Those are the areas with the most construction activity in the city. Here in the Chelsea area, I can say that there isn't a block around that doesn't have construction. It's literally everywhere. With the rental market so tight righ now, I can't help but wonder how many of these units will be rentals instead of condos. Especially in Manhattan

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