Factory Lofts (left) and the Metropolitan in Williamsburg

The inventory of new apartments in Williamsburg could double next year,
which industry experts say puts more building foreclosures on the
horizon. An estimated 2,818 new apartments will have entered the Williamsburg
market by the end of this year, according to data compiled by
residential brokerage firm Aptsandlofts.com. Next year, 2,766
apartments are expected to come to market, the company data says. Prior to the economy tanking last September, such figures would have
been viewed as evidence of a healthy North Brooklyn real estate market.
Now, they are met with trepidation. [more]

Many buyers interested in modern buildings are looking for homes that
are a few years old rather than units in brand new developments, brokers say.
Developments erected earlier in the boom, before 2007, are getting the
most serious consideration. Brokers say an advantage to a nearly new
building is that it is likely to be sold out, so there’s a better
chance of securing financing. Many banks aren’t issuing mortgages in
buildings that are less than 70 percent sold. Buyers also don’t have to
worry about ongoing construction in a building that might not be
finished, or if a sponsor is going to rent out unsold apartments.
“Everybody I’ve sold to this year has been looking at brand-new and
decided they prefer to do nearly new,” said Karin Posvar-Picket, a
senior vice president at the Corcoran Group who has sold seven units
this year in the Metropolitan, a five-year-old building at East 90th
Street and Third Avenue. [more]