Residential Developers and Brokers Set their Sights on Brooklyn

By Veronica Grecu, Associate Editor Citing a recent report by real estate consultant Nancy Packes, The Wall Street Journal reveals that developers are eying Brooklyn as a potential real estate mecca. Manhattan is no longer a preferred option for new housing [...]

Citing a recent report by real estate consultant Nancy Packes, The Wall Street Journal reveals that developers are eying Brooklyn as a potential real estate mecca. Manhattan is no longer a preferred option for new housing projects as building space for residential use has become very scarce. As many as 14,000 new residential units will be developed in Brooklyn over the next years, while Manhattan will only see 5,000, says the report. The Williamsburg waterfront is also likely to see a large number of developments in the coming years.

Developers are encouraged to focus on the demands of tech and creative workers, who account for 34 percent of Brooklyn renters. Given the fact that these are young and active professionals who prefer simple, affordable apartments, the idea of luxurious amenities is out of the question in emerging Brooklyn neighborhoods where the average rent for studios and one- and two-bedroom units is $2,776 a month, almost 30 percent lower than a similar rent in Manhattan.

In other residential news, a multi-family building in Boerum Hill is up for sale for $1.7 million. The 5,500-square-foot property is marketed by Marcus & Millichap Real Estate Investment Services and, according to the Brooklyn Daily Eagle, is located strategically at 452 Atlantic Avenue in Downtown Brooklyn. Prospective buyers can also consider the remaining 21 units at the Richard Meyer On Prospect Park condo development, a 15-story glass tower marketed by Brown Harris Stevens Development Marketing. The one- to four-bedroom units range in size from 962 to 3,524 square feet and can be purchased at prices varying from $695,000 to $5.1 million for one of the three penthouses featuring a 3,500-square-foot terrace.

Photo credits Richard Meier & Partners Architect