NYC Residential Permits On The Rise

Residential permits on the rise in ManhattanAdding to the spate of good news coming from the real estate market in New York City, a new report has revealed that the number of permits issued for new homes in Manhattan has increased by nearly ten times the amount from last year. This should come as good news for apartment hunters in the city--New York City, as a whole, has performed really well--and the report issued by the Real Estate Board of New York has revealed that the number of permits issued have increased in the first five months of 2012, as compared to figures from last year.

Michael Slattery, senior vice president of research at REBNY, said that the significant increase is a statistical affirmation of the good results they have seen during the course of this year. “It’s a good sign going forward,” said Slattery. His words ring true when looking at the figures for Manhattan housing units, where 1,422 permits have been issued this year. That number is staggeringly bigger than the 146 permits that were issued last year during the same period of time.

Crain’s New York Business reported these figures on Tuesday, which also stated that though there is an increase in permits, they are still down 58% from the peak that was obtained in 2008. That year saw permits issued for 9,723 units up till May, whereas 2012 saw 4,059 permits issued in that same timespan.