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Posts Tagged ‘Josh Barbanel’

Most NYC building permits since ’63 – Brooklyn nearly equals rest of city

July 30, 2015 | 10:20 am | |

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Source: WSJ

Yesterday evening Josh Barbanel at WSJ posted a milestone piece on the current building boom: Construction in New York City Goes Through The Roof: New residential permits surge as developers rush to qualify for tax break

There has been an incredible surge in NYC residential building permits, the most in more than 50 years. It’s amazing to see the Brooklyn permit total nearly reach the total of remainder of the city tallied together.

New York City is entering what could be the biggest building boom in a generation, census figures show, as work gets under way on hundreds of residential projects in neighborhoods across the city. In the first six months of the year, developers received new residential building permits for 42,088 apartments and houses in the city, according to the U.S. Census Bureau, already more than in any full year since 1963, when nearly 50,000 permits were issued.

While permit numbers don’t translate directly to what will actually get built, it is clearly a sign of a significant pipeline in the making.

Reasons?

  • Expiring tax abatement program encouraged developers rush in and start foundation work by June 15
  • Alternative financing around the globe chasing higher returns that low rates can’t deliver
  • Little regulatory oversight because of Dodd-Frank bogging down traditional commercial lenders
  • Significant pent-up demand from 2008-2012 unleashed on the market
  • Improving economy with near record employment growth

UPDATE – I neglected to be more clear and say that this surge will likely collapse in the near future, since the jump in permits is likely to be wildly exaggerated as a result of the first reason above.

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Group Claims Glass Curtain Walls “A Major Step Backward Environmentally”

February 4, 2014 | 4:42 pm | | Radio |

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The Wall Street Journal released an intriguing article about the use of glass curtain walls on new buildings: Study: Glass Condos Could Pose Health Threat Through Overheating: Hot Summer Could Raise Temperatures Into Triple Digits.

The piece was inspired by content provided by the Urban Green Council, who are trying to push for more rigorous building standards in the aftermath of Superstorm Sandy. They’ve had a PR bonanza for this one since the story was even picked up by Gawker.

But the findings were disputed by some developers and architects, who said that glass buildings in recent years have made big advances in overall energy efficiency. That includes improved glass with special coatings to reflect heat and more insulated surfaces in building walls, to comply with increasingly rigorous city and state energy codes.

The idea of glass curtain walls became a bigger issue in the recent boom and the current boom than in years past: the technology has improved, and with shift in the mix towards luxury development, the need for expansive views and light to raise values made it more popular. The irony of this is, and this is certainly not a definitive statement, that glass curtain walls can be less expensive for luxury development than using more traditional mortar/window installs if it is not load bearing.

And Toronto seems to hate them (when not writing about Mayor Rob Ford) in this CBC piece: Throw-away buildings: The slow-motion failure of Toronto’s glass condos.

UPDATE

Ilya Marritz at WNYC just posted on this topic with the understated title: People Who Live in Glass Houses are Really Hot. Here’s the radio version:

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Hampton Year End Sales And Price Spike, Fiscal Cliff Style

January 29, 2013 | 1:03 pm | | Charts |


[click to read article (subscr)]

I thought the chart created by the WSJ using our data nicely illustrated the end of year spike in sales and prices at the end of the 2012, influenced by the notion that taxes, whatever form they take, will be higher in the future. I think this surge in activity will take some of the edge off the market in 2013.

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