More Apartments Coming Soon

53-broadway-041913After a lull in development during the downturn, the number of apartment units under construction is back to late 2008 levels, according to a report from the Furman Center for Real Estate and Urban Policy at NYU. Most — three-quarters — of the units are being built in Brooklyn and Queens, not Manhattan, DNAinfo reported. They’re coming from two sources: Stalled construction sites that are now finishing up, and new projects. “Brooklyn is seeing a lot of development right now,” said Brian Meier, an agent with Douglas Elliman. “The entry points are a lot easier [for developers] to get into and there’s availability.” At the same time, some rental buildings are now converting back to condos to meet demand. One of these is a 40-unit building at 35-41 Clarkson Avenue in Prospect Lefferts Gardens, which recently put 14 units on the market. Within one night, the apartments —  priced between $200,000 and $400,000 – all had offers at ask with backup buyers. The Meadowwood at Gateway in East New York, a huge complex with 19 buildings and 1,100 units, is also converting from rentals to condos. “There was such a gap in new development,” said Jodi Stasse, Citi Habitats managing director of new developments. ”[Now] there’s a good pipeline of much needed great inventory.” Do you think more inventory could mean less competition and lower prices?
New Construction Rises in City After a Five Year Lull [DNAinfo]

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