The Adams administration today released a lot of housing production numbers. This is what they mean.
The mayor announced on Friday that since he entered his office, the city has created, stored or planned 426,800 houses.
That number includes 95,100 created units, 134,700 stored and 197,000 planned units since 2022.
“Created” comprises 45,900 apartments that are financed by the Department of Housing Preservation and Development. This means that these are units where government financing is closed, not where construction has not necessarily been completed.
Another 46,900 market rate units – which hold a kind of HPD assistance – are included in the “created” figure, as well as 2,300 units that are converted from office space as part of the office conversion of the city.
“Ridden” comprises 40,100 apartments that are stored by HPD financing that are subject to legal agreements of agencies. Another 78,500 units reflect stabilization programs that are not subject to regulatory agreements.
The administration also has 12,400 public homes that are converted into section 8 -homes via the permanent affordability payment together, or Pact, program, as well as 3,700 units via the extensive modernization program.
“Planned” includes the 82,000 units that are expected to be built in the next 15 years, thanks to destination changes that have been made as part of the city of YES for housing opportunities. It also includes housing units that are expected to be built as a result of five district rezonings, and another 3000 units that will be built on the deficiency of Flushing Die de Burgemeester has announced this week and other locations in the city where the city still works to find a developer.
Finally, the number of state projects in which the city plays a central role, such as the Brooklyn Marine Terminal. The newest plan called up to 6,000 residential units, but the project is still negotiated by a task force that has not been able to agree with conditions that make it possible to move forward that development. The Task Force has already shaved thousands of residential units of the projected total of the project.
That’s the tricky thing about it planned units. Nothing is guaranteed and in many cases these projections depend on factors outside the control of the city. Rezonings district and the destination changes under City of Yes, rely on the appetite of the developer. We have seen that appetite is Not always so voriously As predicted.
Mayor Eric Adams has placed a lot of emphasis planned units lately. You have probably heard the mayor that he is the most pro-home administration that has ever been seen by the city.
He also said that his administration will build more housing in one term than [in] The 12 years under Bloomberg [and] Combined the eight years under the Blasio. (Erik Engquist checked a facts last week.)
What he meant by that is his administration plan To generate more housing than those earlier administrations, based on the destination changes that his administration has made, including City of Yes and the five neighboring zonings. Those projected units will not be built during his first term and will not all be built during a second term, should it be there. It is also not clear whether the projected totals will eventually last.
Numbers of city officials brands at that destination tools under the Bloomberg and the Blasio administrations were expected to be a net 101,584 units, total. Again, these are all projections.
Nevertheless, these destination changes release a path for tens of thousands of residential units that would otherwise not be built.
On Friday, the administration published its tax year 2025 housing production numbers. In the past year, HPD financed the establishment or preservation of 28,281 units affordable homes, which is 11 percent more than the previous year. Of those 13,361 were new and 14,920 were conservative units.
The preservation levels are highest during the Adams administration. That’s because the HPD’s Preservation Financing Team was stripped during the pandemic. The number of housing units that are stored by HPD financing has returned according to administration officials and is closer to pre-Pandemic levels.
What we think about: Will the second circuit side with Rebny in its constant fight against the tarief act? Send a comment to kathryn@thereealdeal.com.
Something we have learned: In the tax year 2025, 6,860 units received the real estate tax J-51. The previous year was that number 10,954.
Elsewhere in New York …
-The re -election campaign of Mayor Eric Adams submitted at least 52 forged or fraudulently obtained signatures on a petition to be eligible for the vote in November as an independent candidate, Gothamist Reports. The number of problematic signatures can be much higher; The fraudulent signatures identified by Gothamist were collected by at least nine employees who jointly submitted more than 5,000 signatures.
– Funerals were held this week for the Blackstone -Exec Wesley Lepatner, Rudin Associate Julia Hyman and NYPD Det. Didarul Islam, among the four victims of the shooting at the office of Monday, together with guard aland Etienne, CBS News reported.
– On Monday, Blackstone will reopen his New York head office in the building where the shooting took place. It gives employees the opportunity to work remotely for the week, according to Bloomberg.
Closing time
Residential: The best residential deal was registered on Friday $ 17.7 million for 246 West 12th Street. The West Village Townhouse is 5,000 square feet and will be sold on the market for the last time in 2018 for $ 8.9 million. Douglas Elliman’s Christopher Riccio and Elana Zinoman have the list.
Commercial: The best commercial deal was $ 18.4 million before 63-36 98th place. The Co-op Building Rego Park has 66 units and is 67,000 square feet.
New on the market: The highest price for a home that hit the market was $ 29 million for a penthouse unit at 988 Fifth Avenue. The new -build apartment on the Upper East Side is a duplex, 6000 square foot unit. The Corcoran Groups Leighton Candler, Jennifer Reardon and Rachel Brandeis have the list.
Breaking Ground: The largest submitted new building application was for a proposed 249,629 square base, 12 -storey building in 401 West 19th Street. Manish Chadha from Ismael Leyva Architects is the applicant for the record.
– Joseph JUNGERMANN
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