2015 New York City Development Update

2015 New York City Development Update

August 2015

Since 2014, sales volume growth of New York City's outer boroughs has outpaced Manhattan's. Development site sales volume in New York City surpassed $4.8 billion during the first half of 2015. International capital has contributed $1.3 billion to New York City's development site sales over the past 12 months. Multihousing development in Manhattan has outperformed all other types of development since 2004. Year-to-date, prices on development site sales greater than $50 million in Manhattan were located on the West Side. Since 1Q14, nearly 85% of all land sales in Brooklyn have been for Multihousing development.

Keywords: New York City, development, growth, sales, pricing

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