Big Changes in Store for Greenpoint

We already wrote about how “Girls” is inspiring lots of tourists to visit Greenpoint and now The Real Deal says the show has caused rental prices to increase in the area. But Greenpoint is hot even without TV. An uptick in the economy has caused several stalled developments there to come back to life, and more are in the works, reported the real estate industry paper. “Along with Williamsburg, the Greenpoint waterfront was rezoned in 2005 from industrial to mixed-use, but the downturn halted much of the planned residential development there. Now that the economy is improving, however, a slew of new residential buildings are popping up,” said the story. Mentioned are the enormous 5,000-unit Greenpoint Landing, pictured above, and a 210-unit project by the Domain Companies. Plus there are two more secret projects in the works: “Plans for two other large residential developments — one by the Chetrit Group and another by Red Sky Capital — have not been made public, and neither developer returned calls for comment.” In addition, the story continued, “the neighborhood also has nearly a dozen boutique condo buildings on the market or in the works. And the units in those projects are selling quickly amid high demand and low inventory.” Prices for both rentals and sales have increased, with rents jumping more than 30 percent in 2012, according to an estimate from Bram Lefevere, vice president with brokerage Miron Properties. “A decent two-bedroom two years ago rented for $1,900,” he said. “Last year, it went up to $2,400, and this year it’s going to be $2,800.” What could limit the area’s growth at this point? The subway remains inconvenient. “I think landlords would get 20 to 25 percent more if you had better transportation,” said MNS’ David Behin. Do you welcome the changes or think Greenpoint should stay exactly as it is now?
Greenpoint’s “Girls” Effect [TRD]
Another Step Forward for Huge Greenpoint Build [Brownstoner]
Rendering by Handel Architects