We’ve noticed development in Bed Stuy going gangbusters lately, and now there is data to prove it. Last quarter, developers filed more permits for new residential buildings in Bed Stuy than in any other neighborhood in all of New York City.
Developers filed permits for 33 new residential building in the neighborhood in the first quarter. That was three times the number filed in the runner-up neighborhood, Bushwick, which had 11 applications. And it is up significantly over the same time last year when developers filed for only 13 new buildings in Bed Stuy, according to an analysis by The Real Deal.
Most of the new buildings are small infill, not medium or large size buildings, we have noticed, although there are some of those too. Above, work on the foundation for a large building at 420 Tompkins, formerly the Weinstein hardware store, is under way.
It seems the new units aren’t driving down prices, though, according to one real estate agent. “We’re still setting records on price per square foot,” he told The Real Deal, adding that all the new buildings under construction “is going to push prices even higher” when they come on the market.
Meanwhile, as we noted in many stories recently, longtime residents and preservationists are uneasy about how the look of many of these new buildings will affect the historic character of the area. And as our 9 am story today points out, the Landmarks Preservation Commission has yet to make a decision on expanding landmarks protection to many of the blocks where new development is taking place.
Development is really taking off in Flatbush too. Perhaps it will take top place for number of new-building permits filed next quarter.