Skyline Properties Celebrates Rebound of Manhattan Development Filings in May

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After hitting a 12 month low in April, Manhattan Department of Buildings has more than two thousand residential permits filed in May.

Skyline Properties
We’re thrilled to see signs of renewed development on Manhattan. 2014 was a record-breaking year in New York City real estate, and already some of these historic figures are being surpassed by sales in 2015.

According to The Real Deal, the Manhattan Department of Buildings had its busiest month of 2015 in May with more qualified residential permit filings than any other borough in New York City. With over 1.5 million square feet of residential space filed last month, May accounts for nearly 40 percent of the residential filings in Manhattan this year so far.

The bulk of the residential square footage filed in Manhattan came from a 900,000-square-foot complex at 400 West 61st street. The project will be home to nearly 600 residential units upon completion.

Prior to May, Manhattan development filings had been in a slump, hitting their 12 month low in April. This sudden upturn in filings bodes well for the future of Manhattan real estate development in 2015.

Robert Khodadadian of Skyline Properties had this to say about this pronounced improvement in the market. “We’re thrilled to see signs of renewed development on Manhattan. 2014 was a record-breaking year in New York City real estate, and already some of these historic figures are being surpassed by sales in 2015.” In addition to this resurgence of development in Manhattan, this month also saw the most contracts of $4 million or more signed in New York City since tracking of these high-value deals began in 2005.

Since reinvigorating Skyline Properties in May of 2013, Robert Khodadadian has been striving to provide his clients with exclusive access to property investment options by focusing on “Off Market” deals before they hit the general market. Since he embarked on his career over a decade ago, he has brokered a number of high-profile multi-million dollar deals that have earned him significant notoriety in the industry.

With over 2,000 residential permits filed on Manhattan alone last month, the landscape of Manhattan is changing, and Skyline Properties will be there to contribute to its continued growth and development.

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