Wave of Development Reaches the South Side of Williamsburg

As luxury high rises sprout up on nearly every vacant lot in south Williamsburg, sale prices in the area are expected to match those of north Williamsburg in a few years, said a story in The New York Times. Right now they trade at about a 15 percent discount, or $1,000 per square foot, vs. the north side’s nearly $1,200.

However, there isn’t much to buy: There were only 16 listings for sale in July, including co-ops, condos and townhouses. The average price was $1,780,000, according to Streeteasy.

About 90 percent of the housing in south Williamsburg is rental, said the story. Rents in the new buildings “are on the high side,” starting at about $3,000 a month for a one-bedroom. Some of the new buildings include 424 Bedford Avenue and 15 Dunham Place. Thousands more apartments are planned for the area, including the huge Domino redevelopment and The Oosten, the Chinese-owned condos.

South Williamsburg: Catching up to the North Side [NY Times]