WATCH: Will Brooklyn’s rental boom hurt developers?
About 7,500 units will be hitting Downtown BK and Fort Greene by 2018, which could slash profits
Developers are loving Brooklyn right now — maybe a little too much.
The Brooklyn rental boom is nearing its peak, with 7,500 new units arriving along a 10-block area between the Barclays Center and Myrtle Avenue during the next two years. Nearly 20 percent of the city’s rental stock that is expected to become available this year and in 2017 will be along that stretch of Flatbush Avenue, which runs between Downtown Brooklyn and Fort Greene.
This approaching flood of rentals is creating concern that the market is becoming oversaturated. Too many units could depress prices, cutting profits for some of the borough’s biggest developers.
Watch the video above for the full story and to see a list of 10 major rental projects that will hit the area over the next two years.
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