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Thousands of Construction Projects on Hold in NYC Due to Economy - But the Market is Starting to Open Up


Posted on Oct 06, 2011

Thousands of Construction Projects on Hold in NYC Due to Economy - But the Market is Starting to Open Up

The 2008 market crash left thousands of construction projects shutdown. Tthe New York City Department of Buildings even created a "Stalled Sites Unit" in 2009 to track them. The unit has performed more than 12,000 inspections at sites throughout the city, according to an article in ENR New York.

The good news is that many of the projects throughout the New York area are being reinvigorated. For instance, on 9th Avenue between 33rd and 31st Streets a large mixed used project is starting to go forward. Another is the $1 billion, 39-story 250 W. 55th St. commercial tower in midtown Manhattan that Boston Properties is building.

Also, in New Jersey, the Xanadu project in the Meadowlands and the Revel Casino in Atlantic City. This is good news for our friends in the construction trades.

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