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New York

Credit, tax changes may slow Downtown Brooklyn’s boom

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As residential and retail development are expected to turn Downtown Brooklyn into an around-the-clock neighborhood over the next few years, many worry that development will be delayed, and prices will be adjusted, due to the credit crunch, and to change in 421-a tax legislation. On December 28, stricter rules will apply to qualify for abatement, and many developers are rushing projects to meet this deadline, threatening to oversupply the area’s housing market. Meanwhile Dean Palin, co-developer of the 40-story Oro, says sales at the condominium are going well.