New REBNY Analysis Finds Nearly One-Third of Proposed Multifamily Apartments in Q3 2026 Were in 99-Unit Buildings

Analysis identifies 172 proposed 99-unit buildings since July 2024

NEW YORK, NY - The Real Estate Board of New York (REBNY) today released a new analysis examining the growing number of proposed residential buildings containing exactly 99 apartments across New York City. The report finds a surge of proposed 99-unit buildings since the creation of the 485-x program, suggesting that the requirements of this program are influencing the size of mixed income multifamily rental housing projects.

The analysis, A Closer Look at Buildings with 99 Apartments, identifies 172 reported building records for proposed 99-unit buildings from July 2024 to September 2026. Of these, 49 appeared in New York City Department of Housing Preservation and Development (HPD) prospective 485-x registration data and 123 appeared only in Department of Buildings (DOB) new-building filings. By comparison, only 13 buildings with exactly 99 proposed units were filed with DOB from 2008 to 2023. The records reflect prospective 485-x registrations and DOB new-building filings, not completed projects or approved tax benefits.

The trend continued in the third quarter of 2026, during which time 47 proposed 99-unit buildings were filed with DOB, representing 4,653 apartments, or 32% of all proposed multifamily apartments filed during the quarter.

Under 485-x, wage and affordability requirements increase at key project-size thresholds, including at 100 units and again for certain projects of 150 or more units. The clustering of proposed buildings at 99 units highlights the challenge of making large multifamily projects financially viable, particularly in transit-rich neighborhoods where bigger buildings can deliver much needed market-rate and permanently affordable homes for New Yorkers.

Other key findings from the analysis include:

• Brooklyn and the Bronx accounted for the largest shares of proposed 99-unit building records from July 2024 to September 2026, with 65 and 58, respectively, followed by Queens with 32 and Manhattan with 17.

• Of the 47 proposed 99-unit buildings filed with DOB in Q3 2026, 18 were in Brooklyn, 16 in the Bronx, 12 in Queens and one in Manhattan.

"New York cannot meet its housing needs by building small," said Basha Gerhards, Executive Vice President of Public Policy at REBNY. "We need policies that make it possible to build substantially more housing, particularly in transit-rich neighborhoods that can support greater density. With the City estimating that 700,000 new homes are needed over the next decade, we should be encouraging larger projects and making sure every neighborhood contributes to addressing the housing crisis."

The report builds on REBNY's ongoing analysis of New York City's multifamily construction pipeline, which has highlighted the challenges facing larger developments following the transition from the 421-a tax exemption program to 485-x.

The full report is available here.

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ABOUT THE REAL ESTATE BOARD OF NEW YORK

The Real Estate Board of New York (REBNY) is the City's leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.rebny.com.

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