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NYC Real Estate Development Overview / 2022

Our 2022 year-end development report for New York City showed 259 development site sales, which is a 10% decrease compared to last year but a 13% increase from 2020. The total dollar volume of these sales was $2.7 billion, representing a 3% decrease from 2021 but a 2% increase from 2020. The sales accounted for 15.7 million total buildable square feet, a 7% decrease from 2021 but a 5% increase from 2020. The average price per zoning floor area (PPZFA) was $208/zfa, which is a 12% decrease from 2021. Broken down by Borough: Brooklyn had the highest number of sales with 117 transactions and the highest dollar volume with a total of $1.148 billion. Brooklyn also had an average PPZFA of $251/zfa and 5.825 million buildable square feet. Manhattan had 17 sales valued at $376 million, with an average PPZFA of $320/zfa and 1.7 million buildable square feet. Northern Manhattan saw 8 sales valued at $76 million and an average PPZFA of $170/zfa, with 712k buildable square feet. The Bronx had 47 transactions valued at $242 million, with an average PPZFA of $86/zfa and 2.6 million buildable square feet. Queens had 70 sales valued at $851 million, with an average PPZFA of $211/zfa and 4.78 million buildable square feet.

Development Transactions


Number of Sales
-10% vs 2021


Total Dollar Volume
-3% vs 2021


Total Buildable SF
-7% vs 2021

In 2022, 783 new building permits were filed, which is a 240.43% increase from the previous year (2021). These permits accounted for 35.2 million square feet of development, which is an 39.11% increase from 2021. The number of proposed dwelling units in these permits were 28,869, which is a 22.86% increase from the previous year. Broken down by Borough, Manhattan had 32 permits filed for a total of 5 million square feet and 2,484 proposed dwelling units. The Bronx had 157 permits filed for a total of 5.59 million square feet and 5,923 dwelling units. Brooklyn saw the highest number of permits filed with 302, accounting for 15.46 million square feet and 13,585 proposed dwelling units. Queens had 274 permits filed for over 8 million square feet and 6,181 proposed dwelling units. Upper Manhattan had the least amount of activities with 18 permits filed for a total under a million square feet.

Permits Field in 2022


Total No. of Permits
240.43% vs 2021


Total Proposed ZFA
39.11% vs 2021


Total Proposed DU's
22.86% vs 2021

Highlighted New Buildings

43-16 & 43-30 24th Street Portfolio

589 Fulton Stree

131-01 39th Avenue