Building Costs Per Square Foot in the City of New York (NY), USA

New York 333 Hunter Avenue Staten Island NY10306 - 3 Bed and 2 Baths with 1 Garage on Gross Floor Area 1,304 sqft - Built in 2022 - Price $699,000 (3)

Nearing completion – Newly Built House in New York 333 Hunter Avenue Staten Island NY10306 – 3 Bed and 2 Baths with 1 Garage on Gross Floor Area 1,304 sqft – Built in 2022 – Price $699,000 (3)

Residential Construction Market Analysis in the City of New York, USA

Building costs are 31% above the national average in the City of New York, equivalent to the borough of Manhattan (NYC) and higher than Long Island (NYC) by a deviation of 1%. New York is the 3rd most expensive city to build a house in the USA after Bay City (TX) and Boston (MA). The city that never sleeps has been somewhat subdued during the COVID-19 pandemic. Not only were tourists lacking and some attractions were closed, but the real estate market also suffered during 2020.

One particularity of NY is that the recovery in the real estate market is taking longer that it took to the other states of the country. The main cause it’s because the prices are always extremely high in NY, both for buying or renting, and with the rise of home office some people found it easier to live elsewhere. However, this 2022 brings a boom in sales and rentals in the city, taking it to the top where it belongs.

In this article we will focus on the residential construction market in New York, so you cannot miss all the information that we bring you. From an outlook on construction to data and values of the real estate market and what you can expect in the future.

New York Construction Outlook

This state, known as the capital of the world, is divided into 5 boroughs: Staten Island, Manhattan, Queens, Brooklyn, and the Bronx. Manhattan is the big apple and the most touristic place, in turn, the most expensive in the state. Here are the big skyscrapers, and the city is full of tall buildings, so the apartments are the big stars.

Staten Island is the quintessential residential location for families. It has large houses with ample land and grass. Its gardens allow children to play and it is a good place to raise your children, especially since it is a bit away from the hustle and bustle of the city.

Brooklyn and Queens are quite similar, with some buildings, although they are usually smaller and not as tall as those in Manhattan. The same goes for the Bronx, although this borough has a reputation for being unsafe to live with families if you have just moved.

New York Housing Market Analysis and Forecast

Currently, the sales and rental markets are approaching and even exceeding pre-pandemic prices. The number of apartments sold in Manhattan during the first months of 2022 is higher than any other time in the last 3 decades. The stars are Brooklyn and Queens, that are also making record numbers this year, both in rents and sales.

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