Residential development rises in NYC, commercial slower

05/27/2010 | Wall Street Journal, The

Construction projects in New York City delayed because of the recession are revving back up. Since February 2009, work has restarted on 364 mostly residential building sites, and 94 have already been completed, the city Department of Buildings said. However, commercial construction is not rebounding as quickly. Only 36 sites resumed work and two have been completed in Manhattan, where most of the city's large-scale and commercial projects are developed. "It's still a problem," said Frank Sciame, chairman and CEO of F.J. Sciame Construction. "Banks continue to hold back on construction loans."

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