Thursday, November 29, 2012

Stalled sites on the rise

From The Real Deal:

The number of stalled construction sites in Gotham has risen 17 percent since February—effectively eliminating progress made in getting construction going again in the last year, a new report from the New York Building Congress shows.

The Department of Buildings began tracking the number of stalled sites in the five boroughs in July 2009, following the collapse of Lehman Brothers the previous September, which resulted in widespread construction delays. This month, 691 sites were identified as stalled, up from 592 in February of this year. The November total marks the seventh highest number of stalled projects since the report’s inception, and the highest since January 2011.

Of the sites deemed stalled, 45 percent have been on the DOB’s list since it began, and 26 percent were added this year. The New York City Department of Finance estimates that stalled sites, including vacant land, have an aggregate market value of $883 million, the report said.

1 comment:

Jerry Rotondi said...

Some, have not yet begun to build!

Where is that "shovel in the ground" for the building of TDC's Flushing Commons on Muni Parking Lot #1?

Where are those overseas investors for the historic RKO Keith's Theater site?

Those are just 2 projects in Flushing that haven't even reached the blueprint stage.

I think that our bad economy has thrown a dripping wet blanket on the fires of over development.