Numbers tell stories in New York City. The news often focuses on the square footage, number of floors, and price per square foot. But CRE Daily says that developers and buyers should pay attention to a new number: 99.
What Does "99" Mean for Programmers?
City rules and the Department of Buildings often use thresholds that change how a project is funded, marketed, and approved. If you stay just below certain cutoffs, like 100 units, you can speed up approvals, lower requirements, and make projects more appealing to both investors and end users.
That means for developers:
• Shorter timeframes to get units to market
• Less expensive to carry while projects get approved
• Pricing, phasing, and design that can change over time
Why Buyers Should Care
This change is very important for buyers, especially those looking at new buildings in Brooklyn and Manhattan. Projects with a maximum of 99 units often have:
• More small-scale living spaces that don't feel like big towers
• More detailed designs and layouts that are different from those of larger projects
• Possibly shorter occupancy timelines because developers can start selling sooner
How to Get Around in This Market
As a developer, you need a brokerage partner that:
• Knows the ins and outs of DOB and Attorney General filings
• Has direct buyer pipelines in both local and international markets
• Can make your project look both compliant and very appealing
If you're a buyer or investor, you need an advisor who
• Knows which 99-unit projects will be available first
• Can see Compass Private Exclusives before they are made public
• Can help you understand the legal, tax, and financing issues that come up when you buy a new development
Where We Fit In
The Rahmé Team at Compass helps developers and buyers find the best opportunities in Brooklyn and beyond. We have more than 20 years of experience tracking changes in the market, like the "99-unit strategy," and turning them into useful advice for our clients.
Developers: We help you improve your pricing, marketing, and absorption plans.
Buyers and investors: We give you first access to boutique new development opportunities that fit your lifestyle and long-term goals.
Are you ready to check out new development in NYC?
If you're looking for a new condo in Brooklyn or planning your next ground-up project, knowing why 99 matters could give you an edge.
📩Get in touch with The Rahmé Team today to find out about upcoming projects and how we can help you deal with the next wave of development in New York City.
