The Real Deal New York

L Train shutdown could drive up demand in Fort Greene

The neighborhood is already seeing a glut of new rentals
December 29, 2016 08:12AM

From left: renderings of 7 Dekalb Avenue, 333 Schermerhorn Street and 33 Bond Street (inset: L Train)

The impending L train shutdown may have renters and buyers turning to another area of Brooklyn: Fort Greene.

The MTA plans to shutdown the L Train between Manhattan and Brooklyn for 18 months, beginning in January 2019. Between that shutdown and scheduled repairs on the M Train, some are predicting that renters and buyers will look to the transportation-rich Fort Greene, DNAinfo reported. A new report by StreetEasy named the neighborhood the second “hottest” for 2017, stressing that transportation options will be the biggest factor driving real estate demand next year.

“In a bustling city like New York where everyone depends on public transportation, time is money,” StreetEasy economist Krishna Rao said in the report. “Though some buyers and renters may seize the opportunity to negotiate in formerly hot areas like Williamsburg, others will be willing to pay a premium for a quicker commute and to avoid any pause in transit service.”

The neighborhood already has a flood of new luxury rentals that are being built or were recently completed. Developments like DKLB BKLN, 66 Rockwell, The Ashland and 300 Ashland are already bringing more than 1,000 new units to the area. [DNAinfo]Kathryn Brenzel