NYC construction rebounds as 485x fuels 99-unit era

Last year was a low point for new construction in New York. But now that development pipeline is perking back up.  Last quarter, developers filed 424 applications for new building permits  — 43 percent more than the same period last year, according to a new analysis from the Real Estate Board of New York. The total proposed square footage nearly doubled year over year.  When zooming into residential filings, the contrast is even more stark. The 6,943 proposed units last quarter is 58 percent more than the quarterly average since 2008.  The numbers show a slow turn back toward development […]This article originally appeared on The Real Deal. Click here to read the full story.