On 4/16/18, Crain's New York Business reminded us that Sky-high construction costs rose again in 2017, though the 3.29% increase between Q1 2017 and Q1 2018 was actually less than that in the country as a whole, according to a report from thjje consultant Rider Levett Bucknall,
Still, New York City remains world's most expensive place to build, which affects not just market-rate construction but all construction--hence the need for subsidies and also not-so-affordable below-market housing.
The graphic below, from the report, cites hard construction costs--so, omitting things like design and legal--based on dollars per square foot of gross floor area.
Still, New York City remains world's most expensive place to build, which affects not just market-rate construction but all construction--hence the need for subsidies and also not-so-affordable below-market housing.
The graphic below, from the report, cites hard construction costs--so, omitting things like design and legal--based on dollars per square foot of gross floor area.
Note that, in New York City, building below-ground parking ($125-$200/square foot) can be quite expensive, as is building office space ($375-$575/sf prime, $300-$400/sf secondary). Apartment construction ranges from $200-$375/sf.
No wonder developers of Atlantic Yards/Pacific Park wanted to reduce the amount of parking.
No wonder developers of Atlantic Yards/Pacific Park wanted to reduce the amount of parking.
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| Click to enlarge |
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