New York City Apartment Construction Plummets in 2025
Decline follows changes in key tax incentives for new development Apartment construction in New York City has plummeted since last year, all while the city faces “what is likely the worst housing affordability crisis in its history,” according to the New York City Economic Development Corporation. Housing construction starts for market-rate apartments dropped from an average of 7,500 units per quarter from 2021 to 2024 to just 2,500 units per quarter this year, representing a 67 percent decrease, recent data from CoStar shows. In addition, the total number of apartment units under construction fell from 71,000 to 47,000 in that period, according to CoStar.
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Bronx and Queens Casino Bids Spark Clashing Testimony
Public hearings in Queens and The Bronx drew heated debate over two proposed casino projects: Bally’s $4B plan at Ferry Point Park and Steve Cohen’s $8B Metropolitan Park near Citi Field. Supporters, including unions and small business owners, highlighted promises of jobs, infrastructure upgrades, and billions in community benefits. Opponents criticized use of parkland, risks of addiction, and unenforceable developer promises. Tensions flared as elected officials split on the proposals, with loud protests and emotional testimony underscoring divisions. Advisory committees will soon vote on whether the bids advance toward state approval.
Source: The City
NYC Apartment Construction Plunges as 485x Fails To Deliver
Apartment construction in New York City has plunged, with housing starts down 67% from last year and the development pipeline shrinking from 71,000 to 47,000 units. Developers blame high costs, rising interest rates, and the city’s new 485x tax abatement, which they argue makes projects unprofitable compared to the expired 421a. Many investors are shifting to buying existing rentals, while office-to-residential conversions, about 8,300 units in the pipeline, provide only limited relief. With government policy uncertainty and slower inventory growth than peer cities, the housing shortage continues to deepen.
Source: The Real Deal
City Council Passes Bill Requiring Online Database of Vacant Supportive Housing Units
The City Council has approved a bill requiring the Department of Social Services to create an online dashboard tracking vacant supportive housing units and their placement status. Sponsored by Councilman Lincoln Restler, the law aims to address delays in filling units while thousands remain homeless. DSS, which supports the measure, said more than 95% of eligible units are occupied, though over 5,000 were vacant as of June—many needing repairs or awaiting tenants. With 40,000 supportive housing units citywide, the dashboard, launching Jan. 1, is meant to boost transparency amid New York’s 1.4% rental vacancy crisis.
Source: Crain's New York Business
Manhattan Development Site Changes Hands for $15M in Second Sale Since 2024
An affiliate of New Jersey-based Three Pillars LLC has acquired the two-parcel site at 4452 Broadway and 44 Fairview Ave. in Fort George for $15.3 million, per city property records. The site, formerly owned by Madison Realty Capital, is being developed into a seven-story building with 129 apartments and ground-floor commercial space adjacent to the 191 Street Subway Station. Madison acquired it in 2024 through bankruptcy proceedings after buying from HAP Investment Developers. Current Fort George rentals range from $2,319 to $3,500.
Source: New York Biz Journal
Metro Loft Reveals Plans for Third Avenue Office Building’s Conversion Into Housing
Metro Loft Management, led by Nathan Berman, has filed plans to convert the 31-story office tower at 675 Third Ave. into a 35-story, 464-unit residential building with ground-floor retail. The 321,000-square-foot Midtown project, purchased by David Werner Real Estate for about $100 million from the Durst Organization, is already undergoing demolition. Backed by the state’s 467-m tax incentive, the conversion joins Metro Loft’s other large-scale projects, including the former Pfizer headquarters, as New York pushes office-to-residential redevelopment.
Source: Crain's New York Business
Media Mentions
Ashkenazy Family Member, Partner Sell Bronx Development Site for $11.5M
A member of real estate's prominent Ashkenazy family has sold off a development site in the Bronx, where the buyer plans to build a mixed-use project using the state's 485-x affordable housing property tax incentive.
Why 485x Works: A Real-World Look at NYC’s New Development Incentive
New York City has never been an easy place to build. Between high land costs, volatile property taxes, complex zoning, and political scrutiny, getting a multifamily project off the ground is a battle even in the best markets. When the long-running 421a program expired in 2022, it left a vacuum in the city’s housing pipeline. Developers hit the pause button. Projects stalled. And the city’s housing shortage worsened.
Anthony Hu Acquires Development Site At 8 West 45th Street From Zohar Ben-Dov For $38.5M
The asset involved in this transaction is a development site located at 8 West 45th Street in New York. The transaction was finalized for a total price of $38,500,000.00. Anthony Hu acted as the buyer in this transaction, while Zohar Ben-Dov represented the seller, facilitating the deal's successful closure.
Hiwin Group Buys Vacant Lot at 8 West 45th Street for Residential Building
NEW YORK- Hiwin Group USA, a developer based in Flushing, Queens, has acquired a vacant lot in Midtown for $38.5 million, with plans to build a residential tower on the site
Three years later, Soho rezoning slow to spur development
NEW YORK — Mayor Eric Adams is pushing to dramatically increase housing construction in Manhattan. If the borough's last rezoning is any indication, it will be a heavy lift.
The Bridge, Radson pay $15.8M for 189-unit dev site in Inwood
The Bridge and Radson Development through the entity 3816 Ninth Avenue Housing Development Fund Co Inc paid $15.8 million to Manhattan Bible Church for the development site at 3816 9th Avenue in Inwood, Manhattan. The expected use is ground up development.
Prominent Queens developer plans pair of resi buildings at former Flushing pool site
The developer behind the tallest building in Queens has revealed his plans for the site of a former outdoor pool in Flushing.
North Flushing Pool Club Sells for $16M
Developer Chris Xu’s Corona-based real estate firm, United Construction & Development Group, recently acquired the North Flushing Pool Club site for $16 million. A limited liability company affiliated with Xu’s firm closed on the 0.8-acre property less than six months after brokerage firm Development Site Advisors began marketing it in March.
Iconic TITAN Closes Its Doors at 31st Street in Astoria Next Sunday
NEW YORK – It’s officially the end of an era for the historic Titan Foods supermarket as far as its current location is concerned, which is set to close its doors this coming Sunday, June 18. The news was officially announced by Titan Foods Inc. in a notice that was posted at the store to inform consumers.
Flushing's North Flushing Pool Club Site for Sale with Development Site Advisors
Midtown Manhattan based commercial real estate brokerage, Development Site Advisors® (DSA) have been exclusively hired to market 141-01 32nd Avenue, an impressive 0.83-acre property in the sought-after Flushing neighborhood of Queens, NY. The property is the site of the long-established North Flushing Pool Club, which has been in existence here for over six decades.
Maddd Equities buys Inwood waterfront dev site, leading midsize i-sales
An entity linked to Stylianos Aniftos and Astrit Skara picked up a development site at 26-37 30th Street in Astoria for $10.5 million from three separate LLC’s. Development Site Advisors’ Rubin Isak and Lev Kimyagarov brokered the deal. The 16,300-square-foot lot had been family owned for more than 50 years and consists of four adjacent lots on 30th and 31st streets between Astoria Boulevard and Newtown Avenue.
Building of Titan Supermarket in Astoria is Sold
With $10.5 million as the final price of the transaction, the well-known homegrown supermarket Titan Foods has been completed.
Queens’ top 10 neighborhoods for Q3 home sales
The top sale in the Astoria neighborhood was a two-story, 45-foot-wide house built in 1940 at 25-23 Newtown Avenue. It was sold for $4.8 million by Development Site Advisors, which marketed the property as either a residence or a redevelopment opportunity.
South Bronx piano warehouse hits the market
A 140-year-old piano factory in the South Bronx has hit the market for $11.5 million.
Recent Commercial Real Estate Transactions
This 13,116-square-foot vacant building in the Elmhurst neighborhood...
New firm looking to dominate development site sector
Veteran brokers Lev Kimyagarov and Rubin Isak are seizing opportunity during the coronavirus pandemic to direct their skills towards a niche market. The pair have formed a new firm, Develo...
Kimyagarov, Isak Open Development Site Advisors
Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated, respectively, have formed Development Site Advisors, solely focused on th...
Development plummeted this year, but sector still shows signs of life
Sales of development sites in the city dropped 27% to 103 transactions so far this year, compared to the same period in 2019, according to an analysis by real estate firm Development Site Advisors...
New Brokerage Hopes To Carve Out Niche For NYC Development Site Sales
While major brokerage firms trim staff amid a stagnating market, a new development site brokerage firm, hoping to redefine how transactions get done within the asset class, has doubled in size since the sta...
Knakal, Eastern Consolidated Alum Launch Development Site Advisors
NEW YORK CITY—Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated respectively, have launched Development Site Advisors.&nbs...
New Development-Focused Brokerage Looks to Grow Team
Two veteran New York City brokers have teamed up to form Development Site Advisors, a brokerage that focuses exclusively on development sites.
Kimyagarov and Isak open Development Site Advisors; focusing solely on development sites
New York, NY Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated respectively, have formed Development S...
Ex-Massey Knakal, C&W, Eastern Consolidated Execs Form NYC Brokerage Focused on Development Sites
NEW YORK—Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated respectively, have Development Site Advisors, the only firm in New York City with a sole focus on the development site sector.
New development to replace famous Mott Haven building
Third Avenue in Mott Haven is slated to look quite different in the near future.
Development Site Advisors Hired to Sell the Famed Beethoven Piano Factory Building in Mott Haven, Bronx for $11.5M
The Building, built for and once owned by J.L. Mott, the individual Mott Haven was named after.
Astoria Development Site Hits the Market at $9M
Development Site Advisors has been hired to sell 11-32 and 11-38 31st Ave. in the Astoria neighborhood of Queens. The two sites are combined from the rear, giving a developer multiple options. Asking price for the property is $8.8 million.
Rezoned Inwood Site Hits Market At $22.5M, Report Says
INWOOD, NY — A development site in a section of Inwood targeted by the neighborhood's 2018 rezoning has hit the market at an eight-figure asking price, according to reports.