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Real estate developers are branching out deeper into the boroughs, plowing north into the Bronx, and further east into Brooklyn and Queens. Localize.city, an AI-powered website that provides insights on NYC addresses, zeroed in on the particular neighborhoods that developers are gung-ho about in a newly released report.
The report highlights the neighborhoods expected to see an uptick in new apartments beginning in 2021. These areas typically have zoning that allows for greater density and incentives to build affordable housing. Many were rezoned in the past decade from industrial use to allow for residential development. (Construction in your neighborhood doesn't have to be a surprise. Check out "7 ways to tell if construction is coming to your NYC neighborhood.")
Long Island City leads the pack, but the Bronx shows the biggest gains. All of the neighborhoods that Localize.city identified as seeing the biggest uptick in permits this year, in addition to East New York, were in the Bronx. Bedford Park, for example, saw more permits filed in the first half of this year than in all of 2017.
LIC was the No. 1 area for new units with the most approved permits over the past 12 months, followed by East New York. Melrose in the South Bronx was third. Bedford-Stuyvesant, where many lower-rise buildings are under construction, and the Financial District, where towers are rising, were next on the list.
To create the report, Localize.city analyzed tens of thousands of building applications for new residential buildings with four or more units from the NYC Department of Buildings’ database from Jan. 1, 2010 to July 1, 2018.
While Far Rockaway, Forest Hills, and Dumbo haven’t seen a lot of new development, there are some big projects in the works. In Far Rockaway, affordable housing developer Phipps Houses plans a mixed-use development with three buildings, each with roughly 230 units, to replace the derelict Far Rockaway Shopping Center. In Forest Hills, at 62-27 108th St., Phipps Houses has plans to replace a co-op formerly owned by NYCHA. Planned projects in Dumbo include a 732-unit building at 85 Jay St., formerly owned by the Jehovah’s Witnesses.
Here’s some neighborhood data from the report.
Top 5 neighborhoods for approved units
|Long Island City||1,436|
|East New York||1,200|
Top 5 neighborhoods for units with permits filed but not yet approved
|Long Island City||2,597|
Top 5 neighborhoods for units approved in 2015 during the 421-a tax break push
|Long Island City||8,116|
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