A Second Building Boom in Downtown Brooklyn

Another downtown Brooklyn building boom will add 21,000 residents to the area in the next three years, reported The New York Times. Twelve buildings will go up with 3,384 units. Prices are going up too, as more amenities come into the area.

And all that development naturally has prices climbing. The median sales price in Downtown Brooklyn rose 12 percent to $594,000 in the third quarter of 2013, up from $530,000 in 2010. Rental rates have grown 24 percent to an average of $3,309 a month, from $2,666 in 2010, according to Streeteasy data cited by the Times.

The arrival of global brands and retailers such as Sephora and H&M is a big change for the area. But although prices are up, new residents think there is still upside potential, said the Times:

But newcomers are still finding value. Sophie Zhang and Mike Shilshtut began apartment hunting in Chelsea at the start of the year but, thwarted by low inventory, turned to Brooklyn. “We thought we liked Williamsburg,” said Ms. Zhang, a project manager. “But we were both put off by the L train, plus the fact that the prices have already appreciated so much the last three years. We didn’t think the neighborhood was a good investment.”

What about you? Would you consider living downtown?

The Other Downtown [NY Times]