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From
Gothamist:
Rappers in the outer boroughs will soon have a new area code to rhyme stuff with. According to a press release, “929” will join “718” and the much-maligned “347” in the Bronx, Brooklyn, Queens and Staten Island.

From
NY1:
A new area code is coming to the city in boroughs that currently use 718 and 347.
The New York State Public Service Commission says the area code number will be assigned in parts of the Bronx, Brooklyn, Queens, and Staten Island.
Officials say a large demand for new numbers is expected to result in the depletion of assignable numbers by 2012.
New Yorkers who currently have 718 and 347 will not get a new area code, but newly-created phone numbers will.
The new three-digit code will be assigned at a later date.

From the
NY Times:
It’s getting to the point where 718 seems like a vintage number. New York City, which already has five area codes, will need another, soon. That much is clear.
The only question — according to a new report by the state’s Department of Public Service, which regulates the telecommunications industry — is whether to create a new area code just for Brooklyn, Queens, the Bronx and Staten Island (which are served by the existing 718 and 347 area codes) or to also encompass Manhattan (which uses the 212 and 646 area codes) and the 917 area code, which is the only code used across all five boroughs.
The unrelenting proliferation of phone numbers — brought about, above all, by the widespread use of cellphones, smartphones and other mobile devices — means that assignable phone numbers for the 718 and 347 area codes will run out by late 2011, according to the paper.