Brooklyn Residential Development Waning, While Still Pushing Deeper Into Borough

Despite developers continuing to push the boundaries of “prime” Brooklyn beyond the borough’s northern neighborhoods, and a borough-wide median rent of $3,000, development has slowed for multifamily residential development, according to a new report from The Real Deal.

So far in 2015, according to permit applications, only 7,070 residential units have been filed. This compares with 13,000 planned residential units this time last year, The Real Deal reported.

While the quantity of planned residential units is nearly half that of last year’s, more and more contractors are venturing deeper into Brooklyn for projects, particularly in Prospect Lefferts Gardens, Flatbush, Coney Island and farther along Atlantic Avenue.

Brooklyn also far outpaces the other boroughs in terms of residential permit applications for 2015. Developers applied for 110 Brooklyn projects this year — about twice as many as Manhattan (50) and Queens (56).

Williamsburg and Bushwick have had the lion’s share of project applications, together encompassing 33 projects with a combined 2,145 units. Bushwick’s biggest current developer, Simon Dushinsky, is responsible for 500 of those units via his Rheingold Brewery conversion.

[Source: TRD | Photo: Brownstoner]

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