Growing demand for luxury residential towers, particularly in Manhattan, is a key driver behind the 12% decline this year in New York City's list of stalled projects, according to the New York Building Congress (NYBC).
Some of the luxury developments that have been shelved since 2009, when the Dept. of Buildings (DOB) began tracking stalled sites, "have come roaring back to life," says NYBC, which analyzed the DOB's stalled projects data from November 2012 to the present. These include the 60-story 56 Leonard Street and the 20-story 5 Franklin Place residential buildings, both in Tribeca.