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| Photo by Eric Kilby. |
By Katherine Clarke
New York City construction activity has returned to the boom-time levels of 2007 and 2008, thanks in part to a surge in luxury condo development.
The New York Building Congress forecasts that $32.9 billion will be spend on construction this year alone, 17% more than what was spent in 2013. And the fervor may be set to continue, with forecasts topping $35.3 billion and $35.6 billion for 2014 and 2016, respectively.
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Little of the spending will go towards homes for moderate- or low-income New Yorkers, however.
Most of the money being spent in the residential space will be put towards the construction of ultra-luxury condominiums...
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