Prices in Brooklyn have edged closer and closer to Manhattan’s over the years, and soon its skyline will be catching up as well.
A new report from CityRealty projects 22,000 new condo and rental units will be built in Brooklyn through 2019, including a large number of high-rise towers. The projected totals mark the highest number of units in the development pipeline in the borough’s history.
Downtown Brooklyn will add 6,400 units before 2020, the most of any submarket. Williamsburg will add the second-most, with 4,300 units.
In 2016, developers are expected to deliver about 5,000 new units, up from just 2,700 this year.
Several major projects are already underway. The long-planned Domino Sugar Factory redevelopment in Williamsburg is slated to add 2,300 new apartments. AvalonBay’s 100 Willoughby Street project in Downtown Brooklyn will tack on another 861 units. [CityRealty] – Ariel Stulberg