Downtown Brooklyn rents seen leveling out as towers go up

About 4,000 units in more than 20 residential buildings will hit the market over the next two years

New York /
Jul.July 25, 2014 12:15 PM

Downtown Brooklyn home seekers could see some rent relief as thousands of apartments come on line and the law of supply and demand kicks in, experts say.

About 4,000 units in more than 20 residential buildings will hit the market over the next two years, the New York Daily News reported. Insiders told the newspaper the new supply should keep rents at or below the current peak of $60 per square foot.

“Rents will most likely plateau for a while when all this new product comes online, just until the units get absorbed,” Robin ­Schneiderman of Halstead Property Development Marketing told the newspaper.

A 2004 rezoning helped clear the way for denser residential buildings in the area, though the recession put a dent in development.

The Stahl Organization is likely to benefit from getting ahead of the game, the newspaper reported. The developer pushed through its nearly 400-unit condo and rental building at 388 Bridge Street at a time when the recession sidelined many projects. Now, Stahl is selling and leasing at 388 Bridge while prices are high and competition is muted. [NYDN]Tom DiChristopher


Related Articles

arrow_forward_ios
Madison Realty Capital's Josh Zegen and 625 Fulton Street in Brooklyn (MRC, Google Maps)
Rabsky lands $450M loan for DoBro towers
Rabsky lands $450M loan for DoBro towers
Richard and Isaac Chera with 9 Hanover Place (Getty, Google Maps)
Facing lawsuit from Crown, private school in Brooklyn closes suddenly
Facing lawsuit from Crown, private school in Brooklyn closes suddenly
Davis Companies CEO Jonathan Davis and 570 Fulton Street (Davis Companies, Google Maps)
Davis Companies files plans for 45-story DoBro tower
Davis Companies files plans for 45-story DoBro tower
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Maddd Joy: Madruga, Weiss file plan for DoBro tower
12 MetroTech Center with Davidson Kempner Capital Management's Anthony A. Yoseloff (Getty, Brookfield)
Joint venture closes $128M deal at 12 MetroTech Center
Joint venture closes $128M deal at 12 MetroTech Center
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
Paul Travis, managing partner at Washington Square Partners, and Brooklyn's City Point (Getty, Google Maps)
Brooklyn’s City Point signs 62K-sf lease with school
Brooklyn’s City Point signs 62K-sf lease with school
Rockrose Development President Justin Elghanayan and 98 DeKalb Avenue in Brooklyn
Rockrose’s new Brooklyn skyscraper will rise 47 stories
Rockrose’s new Brooklyn skyscraper will rise 47 stories
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...