Much of the Williamsburg development activity that stalled as a result of the recession is being revived, the New York Post reported, and most of it will be delivered in the form of rentals.
“There are a lot of buildings in Williamsburg that have gone rental,” said Christine Blackburn of the Corcoran Group. “It has to do with financing. The financing that is available is available for rentals and not for condos. The banks see… things leasing for $50 a foot now, and it’s enough for them to lend on.”
Among new rental properties hitting the market are 170 North 5th Street, a 16-unit development that was initially imagined as condos, which Blackburn is marketing, and the Driggs at 205 North 9th Street, where 21 of 113 units are already leased, according to the Post. Units at 95 Bedford Avenue and 544 Union Avenue are also slated to start leasing in 2013.
“The rental absorption has been amazing,” said David Maundrell, president of Aptsandlofts.com. “It’s fueling a condo push, because condo product is down.” [Post]