Ilya Marritz covers business for WNYC.
Pace of Construction Starts Slows Dramatically in NYC
Tuesday, August 23, 2011
After a partial recovery from the recession, new building activity in New York City appears to be slowing down.
"This was not expected because we had many encouraging signs that the market was turning upward again," Building Congress President Richard Anderson said.
Anderson added expectations were high because the number of building permits issued by the city was up, and many builders had announced plans to break ground on new projects.
Building starts is a measure of all the dollars approved for new construction projects and rehabs, in a given period of time.
The biggest start in the first half of 2011 was Delta Airlines' $1.2 billion expansion of Terminal Four at John F. Kennedy International Airport.
The next-biggest construction starts were a $200 million MTA bus depot in Harlem, a $195 million garage serving the Department of Sanitation and UPS, the future 63rd street station for the Second Avenue subway ($176 million) and a new neuroscience research center at Columbia University, valued at $175 million.