FIDI Building Boom Shows No Signs Of Slowing: Study

FINANCIAL DISTRICT, NY — Lower Manhattna's building boom is showing no signs of slowing, according to a new study.

The Financial District ranked fifth on the city's top 20 neighborhoods with the highest number of city-approved permits filed for residential units in the past year, data crunchers at Localize.city determined.

Developers have filed plans for 813 units in the Financial District in a 12 month span, and another 1,444 permits were green lighted in the area in 2015 as developers rushed to get their projects approved before the expiration of the state's 421-a tax break — which gives developers a 10-year tax exemption for building residential projects on vacant land.

Several massive projects are expected to reshape the Financial District's skyline including a more than 1,400-foot residential and commercial building at 80 South Street, a 1,115-foot residential tower planned for 45 Broad Street, a 912-foot building set for 125 Greenwich Street, and a slew of other hulking developments peppered across the area.

Analysts with Localize.city aggregated and reviewed thousands of building applications for new residential properties with four or more units from the Department of Buildings database, spanning January 1, 2010 to July 1, 2018, according to the site.

Long Island City, Queens topped the list of the most approved residential construction in the city with East New York, Brooklyn coming in second and Melrose, Bronx as a close third.

Read the full Localize.city study here.

Photo courtesy of Caroline Spivack/Patch