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
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