Brooklyn May Get 22,000 New Apartments by 2019, But It Won't Get More Affordable
Roughly 22,000 new apartments are slated be built in Brooklyn between now and 2019, according to a CityRealty report (PDF) released Tuesday. The amount of construction in Brooklyn is predicted to more than double in the next two years — reaching a 10-year high in 2016, only to be topped again in 2017. Could all these new apartments stem…
Roughly 22,000 new apartments are slated be built in Brooklyn between now and 2019, according to a CityRealty report (PDF) released Tuesday. The amount of construction in Brooklyn is predicted to more than double in the next two years — reaching a 10-year high in 2016, only to be topped again in 2017.
Could all these new apartments stem the rising tide of home prices? Jonathan Miller, housing analyst and President of Miller Samuel Real Estate Appraisers, told Brownstoner:
“The answer is yes and no. We have 5,800 new units coming on in 2017 — more than double the number this year — but the product being built is luxury. It’s skewed towards the higher end, and so it doesn’t solve the affordability problem for a large swath of the market — for studios and one-bedrooms. The new development doesn’t satiate the demand for typical rental apartments in Brooklyn.”
The report is a handy reference for 120 upcoming, mostly-luxury developments, listing them with the number of units, neighborhood, building type, developer, and anticipated completion date.
The two neighborhoods showing the most construction are — no surprise — Downtown Brooklyn and Williamsburg. With 23 buildings in the works — including mega-projects like City Point, Ava DoBro, and The Hub — Downtown Brooklyn is expected to add 6,412 new apartments over the next four years. Williamsburg’s 27 new buildings — including the Domino Sugar Refinery, Oosten, and 420 Kent Avenue — could add 4,341 new units over the same period.
The mammoth Pacific Park/Atlantic Yards development in Prospect Heights and Park Slope will create roughly 6,500 new apartments on its own — the largest number of new units in a single project.
CityRealty compiled the report based on their own records, drawing primarily on Department of Buildings permits and public announcements from developers. They counted only new construction with at least 20 residential units, leaving out smaller projects like this renovation on Bushwick Avenue as well as conversions of existing buildings such as the Park Slope Pavilion.
Brooklyn New Developments Report (PDF) [CityRealty]
Seven Residential Mega-Projects Changing the Face of Brooklyn [Brownstoner]
Images by CityRealty
Buildings are not only being built in downtown Brooklyn, there is too much development all over Brooklyn & Queens as well I am sure in New Jersey, the Bronx etc so yes it does all have an impact on pushing prices down. Apartments are taking longer to rent, people have far more choices as to where to live. Rents are stalling, when you take into account all the give backs some of these developments are giving to get the spaces rented…the rents are going down.
The only kind of apartments that their is a shortage of in all these big developments is studio apartments.
I am seeing people moving out to other areas already, just because of the congestion, constant construction grid lock, lack of services etc. They are moving to areas in Queens, that many from Downtown Brooklyn neighborhoods would have thought too Archie Bunkerish just a few years ago, Long Island etc.
If the truth be told, there are many new developments that are having a hard time filling their spaces.
I think this number of units will drive down rent temporarily because of the high number of units that will come on the market. However, in the long run, these buildings will bring a large number of professionals and bigger spenders to Brooklyn; more amenities will follow, which will make the area much more attractive to live in, increasing the demand for rental units.
Wow, so the idea that building massive residential developments will drive down rents due to supply and demand is developer-favoring hogwash? Who knew?!
The idea is to actually build as many apartments as need be to keep up with demand(which has not been the case). NIMBYs all want rent/price to go down/be affordable as long as its not in their ‘hood.
This report is only North Brooklyn.
Using the same tools that the report uses, which is city BIS data and development websites, I calculated that in Flatbush/PLG/South Crown Heights, basically between Eastern Parkway, the park, and brooklyn College, there are about 4000 units proposed. Not all will be built. But that’s a much bigger number than they use.
Let’s hope you’re right!
This ^^^^^