Although this total represents a strong increase from the previous year, it is a 73% decline from the peak in 2008 when permits were issued for 33,170 units. The 2011 total compares closely with the 1997 total when NYC saw permits issued for 8,987 new residential units.
Manhattan was issued permits for 2,535 units which was almost 3 times the 2010 total of 872 units.
Queens continued its trend of recovery by issuing permits for 3,182 new residential units. The Queens 2011 total marks a 35% increase from the 2010 total (2,358) and a 115% increase from the 2009 total (1,474).
Despite the year over year increases in the other 4 boroughs, in 2011 Brooklyn was issued permits for 1,522 new residential units, a 27% decline from 2010’s total of 2,093 units.