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
Too many condos, too many condopreneurs. Too little retail. How about some more:
Pizza parlors, shoemakers, bakeries, greengrocers, stationary stores, restaurants, dryleaners in Clinton Hill, Fort Greene, Prospect heights and Bed Sty?
Why do I need my car to get decent food? The hell with these condos.
of course Brooklyn and a lot of other places are tied to Manhattan. Its called New York City.
“I predict that in ten years Brooklyn will become the scene for everything and anything avantgarde. All the up-and-coming artists, musicians, writers, scholars, dancers, actors, etc will make Brooklyn their home, BECAUSE ITS MORE AFFORDABLE than Manhattan. They will find a network of youthful, like minded folks there and the experience of living in Brookly will become preferrable to that of living in Manhattan. ”
The point is that if Brooklyn really became the more desirable place to live for the majority of buyers then it WOULDNT be more affordable.
No matter how people try to spin it – Brooklyn (and alot of other places) are inextricably tied to Manhattan – if a glut causes prices to fall in Manhattan – well then – Brooklyn is going to fall to some extent to (more so if it has its own glut)
Brooklyn 2nd rate to Manhattan? Sure, when I was growing up here in the 70’s and 80’s that was true. I think things have changed just a wee bit. I only go to Manhattan when I have to now. I prefer LIVING in Brooklyn. Unfortunately, I think Brooklyn is becoming Manhattan and I know lots of artists who are moving out.
Brooklyn enthusiasm aside, I dont get the Greenpoint condos – the G is a real pain if you are trying to get into the city for work and there are plenty of condo options on the L – even further out – that would seem to make it more appealing than something deep into Greenpoint – it’s just a transport problem.
Jimbo you must be joking. I lived in Manhattan for 12 years until it got boring and I realized the nightlife, art and action were in Brooklyn. I’ve lived in Brooklyn for 3 years and rarely go into Manhattan unless I need to go to a big box store.
Yes Manhattan is where it’s at, if you’re from Jersey or Long Island.
not exactly a glut, but with inventory increasing who in the holy hell would buy these new “luxury” apartments going up in that sliver of red hook that some call “columbia heights,” a block from the grossest part of the BQE?
you’re boring me with the Brooklyn Vs Manhattan thing. High School was so long ago.
Where are the stats on how many apts (condo/coop) have been sold each year over best 10? (broken down by new contruction vs. existing). Even in good year – how long to absorb all new construction already underway?
PS – Couldn’t a significant condo market oversupply be a potential factor in changing AY plans- as in scaling back or delay in commencing?
Not that I’m hoping for it but to get financing – wouldn’t it be important to show demand?
I think the point is, Brooklyn is for living and playing. Manhattan is for working and playing. Lets face it – most of the people living in Manhattan are drones. I’d jump out of the window if I was forced to leave on the upper east side for example