Supply and Demand Getting Out of Whack?
The cover story in the real estate section of yesterday’s New York Times was about the impending glut of new condos in Manhattan, its impact on the market and how developers are reacting. With more than 28,000 units in the pipeline–about half of them under construction and half in the planning stages–many developers are switching…
The cover story in the real estate section of yesterday’s New York Times was about the impending glut of new condos in Manhattan, its impact on the market and how developers are reacting. With more than 28,000 units in the pipeline–about half of them under construction and half in the planning stages–many developers are switching to rentals or even other uses like hotels or commercial space. This got us thinking about Brooklyn. Dumbo and the area around McCarren Park seem like the only areas with a high concentration of condos coming online over the next year (not including the big plans for Coney Island). The Flatbush Avenue corridor projects are a little further out on the timeline and could be affected too, we guess. What’s interesting is that the Greenpoint projects are experiencing pressure but the Dumbo market appears to be holding up nicely. Any other areas that you think are vulnerable to oversupply?
Changing Course to Avert a Glut [NY Times]
Photo by Tony Cenicola for The New York Times
I easily go WEEKS without going into Manhattan.
3 out of 4 of all our friends live in Brooklyn, completely by choice, not because they can’t afford Manhattan. Not only are there far more people choosing Brooklyn these days, but once they’re in Brooklyn nothing can convince them to return to Manhattan. A recent article in NY Magazine said a lot of those Manhattan condo buyers are and will be Euros moving here, but we had a few couples looking at our Park Slope co-op who were European. So those folks are venturing into Brooklyn now too, and making comments like it reminds them of their homes in Europe more than Manhattan does. By the way, we DID sell our co-op last month after only a few weeks on the market, so have the other condos and co-ops near us in Park Slope, so all the naysayers have been just plain wrong. Like somebody else here said on the topic, “get a grip”.
I’m sure there are tons of people in New Jersey and Westchester who feel the same way about their provincial little suburbs.
It’s OK to move out to the burbs. Nothing wrong with that. That’s what people do when they get old.
“I have an idea. Try to live in Brooklyn for one week and not go into Manhattan once.”
It’s cute to see that there are still people who think Manhattan is the heart of New York.
“I have an idea. Try to live in Brooklyn for one week and not go into Manhattan once.
However much you claim to love Brooklyn, you won’t be able to do it.
Either you’ll have to go to work or you’ll get so bored, it’ll drive you nuts.
I love Brooklyn too, but please folks, don’t be dellusional!”
that was yrs..no..aeons.. ago..
i’m fortunate enough to have the option of working from home as much (or as little as I want) and I take full advangtage of it..i go for weeks w/o every setting foot on the fair isle
I have an idea. Try to live in Brooklyn for one week and not go into Manhattan once.
However much you claim to love Brooklyn, you won’t be able to do it.
Either you’ll have to go to work or you’ll get so bored, it’ll drive you nuts.
I love Brooklyn too, but please folks, don’t be dellusional!”
I have to second William’s rebuttal of this post. After I quit my job, I would go for weeks and weeks without setting foot in Manhattan and I didn’t miss it. Not one bit. (Expect for maybe the Film Forum). Of course, I was a mom taking care of a baby. I wasn’t dating, or going out to restaurants, films, etc. All I needed was Prospect Park. If you are young and want to go to clubs, i guess you do need the City.
Any idea when those 4th ave condos are going to it the market?
Jimbo – you couldnt be more incorrect. Im one of the many people who left Manhattan in the last year to live in Brooklyn. I love the vibe, people are much friendlier than Manhattan and every street has something new to discover. Unfortunately I do have to go into to Manhattan to work every day (15 mins away) but thats it for me. Some day Jimbo you’ll realize how wrong you are about Brooklyn.
Back on topic:
Anyone else find it ironic that the Berry St Lofts “Madness Has Begun ” fire sale ad is next to this post?
I have an idea. Try to live in Brooklyn for one week and not go into Manhattan once.
However much you claim to love Brooklyn, you won’t be able to do it.
Either you’ll have to go to work or you’ll get so bored, it’ll drive you nuts.
I love Brooklyn too, but please folks, don’t be dellusional!”
What!? I’ve lived and worked in Brooklyn for several years now and there are months on end when I never go to Manhattan. Its not that hard and I never get bored. Your statement is just silly.