Brooklyn Land Rush Is On

williamsburg warehouse

Developers bought up $1,800,000,000 worth of Brooklyn land in 2013 to meet the increasing demand for apartments there, Real Estate Weekly reported. A total of 520 development sites changed hands across the borough, representing a 35 percent increase from the year before, said the story, citing the year-end report from Ariel Property Advisors.

Williamsburg saw the most sales with 74 properties changing hands for $284,000,000. Nearby in Bushwick and Bed Stuy, prices for some development sites more than doubled compared with prices in 2012. Overall, 1,388 properties in Brooklyn sold in 1,047 commercial transactions totaling $4,052,000,000. Multifamily sales rose 44 percent to 760 properties, and the dollar value of those trades increased 29 percent to $1,900,000,000. Whew, that’s a lot of zeros.

Apartment Builders in $2 Billion Brooklyn Land Rush [REW]

One Comment

  • mildredfierce

    The phrase “prices for some development sites more than doubled compared with prices in 2012″ should alleviate any concerns that we are now deep into bubble territory.