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The Real Estate Board of New York (REBNY) is reporting a sharp increase in new development activity in its New Building Construction Pipeline Report for the fourth quarter of 2025, highlighting a notable expansion in both total proposed square footage and multifamily housing plans. According to the report, there were 511 new building filings submitted in Q4 2025 that together represent approximately 19.1 million square feet of proposed space. That level of proposed square footage is nearly 5% above the historical average, underscoring the strength of the current construction pipeline.
On a sequential basis, the report notes that total proposed new square footage in Q4 2025 was 7% higher than in the prior quarter, Q3 2025. Year-over-year growth was even more pronounced: proposed square footage was up 201% compared with Q4 2024. This points to a substantial acceleration in development planning activity over the course of the year, as sponsors and builders moved forward with new projects.
Multifamily development is a major component of this momentum. REBNY recorded 202 filings in Q4 2025 for buildings containing multiple dwelling units. In total, 13,982 multifamily units were filed during the quarter, a volume that REBNY characterizes as almost 200% above the historical average level of filings. This surge in planned apartments indicates that multifamily remains a central focus of the city’s construction pipeline.
The report also benchmarks current multifamily activity against a long-term housing production target. REBNY notes that 13,147 units per quarter are required to deliver 500,000 new units by 2034, a pace it associates with keeping up with projected population growth. The 13,982 units filed in Q4 2025 exceed that quarterly benchmark, suggesting that the period’s pipeline, if sustained over time, would meet or surpass the production level viewed as necessary to address demand pressures.
REBNY frames these findings as a constructive development for New York City’s broader economy and labor market as well as for residents facing housing constraints. Basha Gerhards, REBNY’s executive vice president of public policy, described Q4 2025 as a quarter that saw significant overall and multifamily-specific proposed new construction, calling it good news for the city’s economy, for jobseekers, and for residents feeling the pressures of what she termed a supply-driven housing crisis.
Gerhards also emphasized that REBNY intends to continue examining the underlying conditions that produced this jump in filings. The organization plans to analyze which specific factors are driving the current surge in activity, whether those elements are sustainable over time, and to what extent they can support the delivery of housing at scale. REBNY further aims to identify approaches that could help maintain this momentum in order to support ongoing housing production and economic activity.
The post REBNY: NYC New Building Filings Surge 201% Year-Over-Year in Q4 2025 appeared first on CRE Market Beat.
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