search

The Real Deal Logo

Trending

Parkmerced's $1.8B debt heads to special servicingParkmerced's $1.8B debt heads to special servicingLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanMayor Bass wants wealthy Angelenos to pay for homeless housingMayor Bass wants wealthy Angelenos to pay for homeless housing
New York

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

From left: 388 Bridge Streetand Interior And 88 Willoughby Street
From left: 388 Bridge Streetand Interior And 88 Willoughby Street

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.

Sign Up for the undefined Newsletter

“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

Tags
Downtown BrooklynHousing Prices