Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
NYC's Building Boom is Over
By
Jen Chung
Published Dec 27, 2008
Modified Dec 27, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Dec 27, 2008
Modified Dec 27, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
The NY Times writes the obituary for NYC's building boom. The Building Trades Employers’ Association's data shows that $5 billion in projects, including "luxury high-rise buildings, office renovations for major banks and new hospital wings," has been canceled or delayed due to the credit crunch. Developers are having a hard time looking for loans—though some projects are still eagerly anticipated, like ones along the High Line from Jean Nouvel and Annabelle Selldorf—and others who do have loans are having trouble paying them back. One developer "who has built roughly 4,500 condos and moderate-income housing units in all five boroughs..is shifting his attention to projects like housing for the elderly on Staten Island, which the government seems willing to finance." Urban Land Institute researcher Stephen Blank tells the Times "the landscape of New York will be virtually unchanged for two years"—"There’s no way to finance a project."
Tagged
building boom
credit crisis
economy
NYC construction
real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Deer are all over New Jersey roads looking for sex, state officials warn
Mid-October through mid-December is deer mating season, which can be a danger to drivers as the sex-seeking creatures cross roadways throughout the Garden State.
By
Rosemary Misdary
Published Oct 16, 2026
Man messaged 'I got straight poison' before giving NYC college students fentanyl, feds say
A transcript from an April court hearing sheds new light on what transpired at Fashion Institute of Technology.
By
Samantha Max
News
Man messaged 'I got straight poison' before giving NYC college students fentanyl, feds say
A transcript from an April court hearing sheds new light on what transpired at Fashion Institute of Technology.
By
Samantha Max
Inside the plan to fix the nearly collapsed Pfizer Building, 1/64th of an inch at a time
By
David Brand
School bus carrying autistic students got lost in Brooklyn for 4 hours last year
By
Jessica Gould
NYC’s bridges can last 'forever,' if we take care of them
By
Clayton Guse
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .