No end in sight for Downtown Brooklyn’s residential boom

Nov.November 24, 2013 12:00 PM

 Residential development in Downtown Brooklyn is continuing to race skyward, with 3,384 apartments in 12 buildings expected to hit the market over the next three years.

The last residential boom Downtown Brooklyn saw followed its 2004 rezoning, and at that time transplants to the neighborhood enjoyed far less infrastructure. But today, with grocery stores, retail chains and trendy bars far more abundant, the area is expected to draw even more fresh blood.

“Now we’re getting momentum,” Albert Laboz, a principal of United American Land, told the New York Times. United American Land is the developer of the commercial space at 210 Joralemon Street, where the makeup giant Sephora just signed a lease. “Now there’s a stampede. They all want to come,” Laboz added.

And all that development naturally has prices climbing. The median sales price in Downtown Brooklyn rose 12 percent to $594,000 in the third quarter of 2013, up from $530,000 in 2010. Rental rates have grown 24 percent to an average of $3,309 a month, from $2,666 in 2010, according to Streeteasy data cited by the Times. [NYT]Christopher Cameron

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