2023
NYC Real Estate Development Overview / 2023
Our data reveals 266 development site sales, marking a 3% increase in the number of transactions and a 5% rise in the average price per Zoning Floor Area. Broken down by Borough: Brooklyn led with the highest number of sales, with 103 transactions and the highest dollar volume of $778 million. The average Price Per Zoning Floor Area (PPZFA) stood at $253/ZFA, with 4.88 million buildable square feet sold. Manhattan recorded 16 sales and $421 million in volume. The average PPZFA was $393/ZFA with 830K buildable square feet sold. Northern Manhattan saw 10 sales and $191 million in volume. The average PPZFA was $128/ZFA with 1.83 million buildable square feet sold. The Bronx had 62 transactions at $289 million volume. The average PPZFA was $101/ZFA with 2.82 million buildable square feet sold. Lastly, Queens registered 75 sales at $682 million in volume. The average PPZFA was $216/ZFA with 4.77 million buildable square feet sold
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Development Reports
NYC Real Estate Development Overview / Mid- Year 2023
Development Site Advisors®️ is pleased to present an H1 2023 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from January through June 2023. The Number of Sales, Total Dollar Volume, and Total Sold Buildable SF decreased in comparison to H1 2022. Meanwhile, the citywide Average Sales Price and Average price per ZFA slightly increased, especially in comparison to H1 21 where Average Sales Price increased by 74%. Brooklyn led the boroughs in the Number of Sales, Total Dollar Volume, and Total Sold Buildable SF.
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.
NYC Real Estate Development Overview / H1 2022
Development Site Advisors® is pleased to present a H1 2022 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from January through June 2022. Total Dollar Volume, Average Sales Price, Total Buildable SF and Average Price per Zoning Floor Area unsurprisingly all increased from H1 2021 to H1 2022. Brooklyn led the boroughs in Number of Sales, Total Dollar Volume, and Total Buildable SF. Sales in Manhattan saw 300% increase approximately on Dollar Volume and Total Traded Buildable SF.
NYC Real Estate Development Overview / Year End 2021
Development Site Advisors® is pleased to present a 2021 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from January through December 2021. Number of Sales, Total Dollar Volume, and Total Buildable SF unsurprisingly all increased from 2020 to 2021. Brooklyn led the boroughs in all of Number of Sales, Total Dollar Volume, and Total Buildable SF. Sales in Manhattan saw the highest Average Price per Zoning Floor Area.
NYC Real Estate Development Overview / Q1 2021
Development Site Advisors® is pleased to present a Q1 2021 NYC Real Estate Development Overview. By meticulously researching through ACRIS and DOB job filings, we have compiled sales and development data from Q1 2018 through Q1 2021. Number of Sales, Total Dollar Volume, and Total Buildable SF all decreased in Q1 2021 in comparison to Q1 2020. Brooklyn led the boroughs in all of Number of Sales, Total Dollar Volume, and Total Buildable SF. Sales in Manhattan saw the highest Average Price per Zoning Floor Area, despite a $100 drop from the previous year.
NYC Real Estate Development Overview / Q3 2020
NYC Real Estate Development Overview / MID YEAR 2020
Development in New York City is the fundamental process in which our Metropolis grows.
With 8.4 million people living across just 303 square miles, tall, dense buildings are the mainstay of our city’s housing needs. NYC added 800,000 jobs in 2019 across all sectors. As companies flock to New York City to draw from a highly skilled workforce, our Office Market is demanding new, attractive space to help recruit talented professionals. The growth of e-commerce over the past decade has sparked a demand for industrial space in the outer boroughs. As online retailers battle over customers, delivery speed of products has become increasingly important, fueling the demand for new, highly-efficient, industrial space.
Whitepapers
Whitepaper Spring 2025
We’re proud to share our Spring 2025 Whitepaper, packed with expert insights from our team and industry experts. Inside, you’ll find strategic analysis on: Unlocking Transferable Development Rights (TDRs) Navigating the 485x tax incentive The impact of the City of Yes initiatives And much more! This whitepaper is designed to empower developers, owners, and investors with the knowledge and tools to thrive in today’s evolving regulatory and market landscape.
467-M and City of Yes
New York City is at a pivotal moment in its approach to housing and urban redevelopment. As the demand for affordable housing continues to grow, the city is taking decisive action to create new opportunities for residential development while maintaining its economic vitality. The City of Yes for Housing Opportunity initiative and the 467- M tax incentive program represent two powerful tools designed to transform the city housing market. While 467-M provides tax incentives to convert underutilized commercial properties into residential buildings, the City of Yes modernizes zoning rules to remove outdated barriers to housing production. Together, they unlock development potential, transform vacant and outdated buildings, and help address the city’s shortage of affordable housing supply.
DSA Zoning Handbook City of Yes Edition Volume 1
The City of Yes for Housing Opportunity initiative represents a bold and transformative vision for New York City’s future. As the most significant overhaul of the city’s zoning laws since the 1961 Zoning Resolution, this initiative aims to address the city’s growing housing crisis by modernizing zoning regulations, encouraging inclusive development, and promoting sustainability. For over six decades, New York City’s zoning framework has shaped urban growth, balancing density and community character. However, as the city has evolved, so too have its challenges. The City of Yes initiative removes outdated barriers and adapts zoning regulations to better reflect contemporary urban needs, ensuring the city remains adaptable, equitable, and sustainable.
Whitepaper Spring 2023
Our highly anticipated Spring 2023 Development Whitepaper is here! This issue is jam-packed with must-read content on a variety of development-related topics, including office-to-residential conversions, zoning variances in NYC, FAR expansion through adverse possession laws, legal considerations for not-for-profits and religious organizations when transferring real property, innovative approaches to housing in NYC, and utilizing rescue capital in the current market. We hope you find this invaluable resource useful!
Whitepaper Fall 2022
We are so pleased to present you with our Fall 2022 Development Whitepaper: The Neighborhood Focused Platform® (NFP) Experts Issue. In this issue we will hear from our Neighborhood Focused Area experts on development within their respective territories along with a special report from our in-house architect team.
Whitepaper Spring 2022
In this invaluable and crucial issue of our Development Whitepaper, you will read and learn about the complexities of Completion guarantees on Ground-leases, potential construction impacts of adjacent buildings and city infrastructure, Hotel to Residential conversions, a detailed look at Mandatory Inclusionary Housing in NYC, and how to secure the 421-a abatement for your project before the mid-June 2022 deadline.
Whitepaper Fall 2021
On March 13, 2020, President Trump announced a National Emergency due to COVID-19. On March 28, 2020 Governor Cuomo halted all nonessential construction sites in NYS. On the business front, retail establishments were closing, offices were closing their doors with non-essential workers ordered to stay home. It was a time of great uncertainty and tragedies.
Development Whitepaper Summer 2021- The Experts Take
We have compiled some of the brightest minds in the development space and asked for their take on specific topics relating to this sector; the result is an invaluable whitepaper that will serve as a tremendous resource for owners, developers, brokers, architects, and anyone in the development site sector.
2020 Year End NFP Whitepaper
It has been a very interesting year! During the shutdown, Development Site Advisors® grew the company by 100%, hiring 7 new brokers in addition to more back-office support (and we are now recruiting for our 2nd broker class on Q12021).