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

TRD 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
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
11 Hoyt Street and 1 Clinton Street in Brooklyn (Credit: Binyan Studios and 1 Clinton Street)

Downtown Brooklyn condo was borough’s priciest contract last week

Downtown Brooklyn condo was borough’s priciest contract last week
Brookfield's Ric Clark and Two Hanson Place in Brooklyn (Credit: Google Maps, iStock)

Brookfield signs energy company to big lease in DoBro

Brookfield signs energy company to big lease in DoBro
1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

Pair of DoBro properties up for sale by Slate, Meadow Partners
The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Rockrose is moving into Brooklyn
Renderings of 9 DeKalb Avenue in Brooklyn, 333 Schermerhorn Street in Brooklyn, and 11-35 49th Avenue in Long Island City (Credit: JDS Development and Elegran)

These were the top 10 outer borough loans in April

These were the top 10 outer borough loans in April
Brooklyn’s luxury market saw 16 contracts signed last week: Stribling

Brooklyn’s luxury market saw 16 contracts signed last week: Stribling

Brooklyn’s luxury market saw 16 contracts signed last week: Stribling
arrow_forward_ios

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

Loading...