You might have noticed that rents in Crown Heights are going up, up, up — and so has MNS. Their October rental report for Brooklyn, released today, notes average rents increased 12 percent or $192 in October compared with the same month last year. They don’t seem to be slowing down, either, because rents increased 3.1 percent, or $59, vs. the previous month. One-bedrooms increased the most, $88, in October vs. September. Another category that saw a big increase year over year was studio apartments across the Brooklyn areas MNS tracks. These rose 12.1 percent, MNS said. Meanwhile, in the very different world of commercial sales of multi-family buildings, Massey Knakal reported, Brooklyn is holding its own. It led in dollar volume sales for 2012 vs. 2011, compared to the rest of New York City. In sheer number of apartment buildings sold, it came in second. More specifically, Brooklyn is on track to see 405 properties change hands this year, which would be 65 percent above the 245 sold last year. Dollar volume looks like it will come out at about $1.5 billion, which would be 127 percent above the $644 million in 2011. ”Brooklyn is rapidly nipping at the heals of Manhattan as the most desirable destination for many multifamily investors,” said the report. “We expect these trends to continue as rent appreciation escalates and vacancy rates continue to drop. Look for the rate of rental property conversion to condominium ownership to rapidly increase as prices per square foot continue to climb, particularly in emerging neighborhoods like Williamsburg.” Very interesting.
Photo by lillipeg
Prospect Park was not even half completed when it opened to the public in 1867. It was a huge success, made even larger over the next six years, as work continued. Calvert Vaux and Frederick Law Olmsted created one of the greatest urban parks in the world, combining nature and architecture seamlessly into the center […]
The Downtown Brooklyn Partnership wants to make over Flatbush from the Fulton Mall to Barclays Center, DNAinfo reported. The group is asking local politicians for their support and help drumming up about $7,000,000 for the project. The improvements would extend Phase I of the Flatbush Avenue streetscape project, which is now complete (and cost $23,000,000) […]
The new museum building at the Weeksville Heritage Center is finished, and the official ribbon cutting took place yesterday morning, although the building won’t open to the public until spring 2014. The celebration included an African libation ceremony and speeches from local officials. WHC board chairman Timothy Simmons and outgoing Borough President Marty Markowitz recalled when WHC […]
Three contiguous buildings with the same architect but two different owners are going up at the corner of Putnam and Bedford. The furthest along is 1192 Bedford Avenue, at the far left above, a mixed-use building of five stories with six apartments, according to DOB filings. Next door at 1190 Bedford is what seems to […]
In Brooklyn Fire Pits Are All the Rage [NY Times] De Blasio Says He’ll Move to Gracie Mansion [NY Times] City Expands Housing at Park Slope Armory Homeless Shelter, Worrying Neighbors [NY Daily News] Old Meets New for Modern Orthodox Artist in Boerum Hill [NY Daily News] Brooklyn Students’ Persistence Pays off in New Paint […]