Why Nobody's Buying Land in Brooklyn Any More (Video)
Hudson Companies’ David Kramer explains why nobody’s buying land in Brooklyn any more at the Brooklyn Real Estate Roundtable.
Land deals have dried up in Brooklyn, founder and principal of Brooklyn-based developer Hudson Companies David Kramer said at Tuesday’s quarterly Brooklyn Real Estate Roundtable.
Here’s why: The 421a tax break went away, banks are reluctant to lend for condos, and land prices are too high for rentals.
In the meantime, developers are focusing on projects in the pipeline and affordable housing. Hudson has been considering Queens and the Bronx, but with prices at a $100 a foot and rents in the $40s, it doesn’t pencil, he said.
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