Building Permits Increase in Brooklyn

There’s a story in today’s Post that suggests the purse strings are loosening on lending for new construction: “The city’s Buildings Department issued 112 permits for new Brooklyn construction projects from January through April, compared with 69 in the same period last year. Much of the spike is due to more than 350 new units of housing in neighborhoods like Williamsburg and Bedford-Stuyvesant.” The story notes that a lot of the housing planned is one- to three-family residences rather than a number of of big condos, and some of what we’re seeing is financing coming through for formerly stalled projects. However, a quote from developer Abby Hamlin, who is working on the second phase of the State Street townhouse project in Boerum Hill, gives insight into what’s going on in the field: “‘The market is definitely getting much better for securing construction financing, but it’s not totally back,’ said Hamlin, adding that lenders financed 80 percent of her construction costs for phase one but only agreed to finance 65 percent for phase two.'” So is it time, perhaps, for cautious optimism?
‘Building’ up Brooklyn’s Economy [NY Post]
Photo by Alex R.