Roughly 22,000 new apartments are slated be built in Brooklyn between now and 2019, according to a CityRealty report (PDF) released Tuesday. The amount of construction in Brooklyn is predicted to more than double in the next two years — reaching a 10-year high in 2016, only to be topped again in 2017.
Could all these new apartments stem the rising tide of home prices? Jonathan Miller, housing analyst and President of Miller Samuel Real Estate Appraisers, told Brownstoner:
“The answer is yes and no. We have 5,800 new units coming on in 2017 — more than double the number this year — but the product being built is luxury. It’s skewed towards the higher end, and so it doesn’t solve the affordability problem for a large swath of the market — for studios and one-bedrooms. The new development doesn’t satiate the demand for typical rental apartments in Brooklyn.”
The report is a handy reference for 120 upcoming, mostly-luxury developments, listing them with the number of units, neighborhood, building type, developer, and anticipated completion date.
The two neighborhoods showing the most construction are — no surprise — Downtown Brooklyn and Williamsburg. With 23 buildings in the works — including mega-projects like City Point, Ava DoBro, and The Hub — Downtown Brooklyn is expected to add 6,412 new apartments over the next four years. Williamsburg’s 27 new buildings — including the Domino Sugar Refinery, Oosten, and 420 Kent Avenue — could add 4,341 new units over the same period.
The mammoth Pacific Park/Atlantic Yards development in Prospect Heights and Park Slope will create roughly 6,500 new apartments on its own — the largest number of new units in a single project.
CityRealty compiled the report based on their own records, drawing primarily on Department of Buildings permits and public announcements from developers. They counted only new construction with at least 20 residential units, leaving out smaller projects like this renovation on Bushwick Avenue as well as conversions of existing buildings such as the Park Slope Pavilion.
Brooklyn New Developments Report (PDF) [CityRealty]
Seven Residential Mega-Projects Changing the Face of Brooklyn [Brownstoner]
Images by CityRealty