Buildings Plans changed from residential to commercial.
1. Toy buildings located at 200 Fifth Avenue and 1107 Broadway owners considering going back to office use from proposed condo apartments as the residential market cools and the office market remains red hot with office space in that neighborhood expected to reach as high as $60/rsf.
2. Macklow considering making his project at 510 Madison Avenue into offices rather than hotel/residential condominium
Construction City wide busy but off of 2005 highs.
According to Deputy Mayor Dan Doctoroff construction spending is likely to increase over the next three years. Total spending likely to increase over $21 billion projected to be spent in 2007 and increase by 5% per year. Construction permits for 2006 were 104, 188 down from the record of 111, 283 in 2005 to. In New York City construction permits in 2006 were 38, 138 which is down from, 40, 556 permits in 2005.
Downtown New York City feels choked with 59 simultaneous construction projects underway within a 1 mile radius and relief is still a few years away. When the projects are finished downtown should have an amazing resurgence but until then it may be challenging navigating busy streets congested with construction.