Construction lending in New York City remains robust, with many high-end deals and luxury developments abounding and no shortage of commercial real estate projects. The New York City Building Congress anticipates $52.5 billion in construction spending in 2018, followed by $50.1 billion in 2019, representing the city’s biggest building boom of the 21st century. From Manhattan to Brooklyn, several ambitious, expensive development and infrastructure projects are underway that will transform the city in decades to come. Megaprojects include luxury condo towers, office buildings, and multi-use city spaces. A series of recent rezoning efforts in New York City includes an approval last year by the City council to rezone a section of East Midtown Manhattan, with the intention of encouraging the development of more office space and the development of a major business center.
Despite this ambitious construction growth, a sense of caution has permeated the New York City lending space, perhaps auguring a “new normal” for other large markets around the country.
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