by
23

After noticing some trendy restaurants and a rise in development sales in Bay Ridge, DNAinfo wonders if it could be the next hip neighborhood with a real estate boom. Bay Ridge had 20 percent of the new development sales in the first quarter of 2014,  the most of any neighborhood, according to MNS’ latest report. However, MNS CEO Andrew Barrocas pointed out that the hood’s 14 transactions mainly illustrate the lack of inventory in other neighborhoods.

The median price per square foot rose 7.4 percent over the past year, from $517 to $558, and the median home price increased 14.5 percent, from $560,037 to to $655,498. One realtor told DNAinfo that new condo buyers in developments like 185 Battery Avenue, pictured above, were transplants from Brooklyn Heights or Williamsburg looking for more affordable options.

While the neighborhood isn’t going to have $2,000,000 condos anytime soon, it has seen a slew of new upscale restaurants and coffee shops, like Italian grocery A.L Coluccio, farm-to-table restaurant Brooklyn Beet Company, a craft beer bar and sausage joint called Lock Yard, and the Coffee Lab.

Is Bay Ridge Poised to Become the New Williamsburg? [DNAinfo]
Photo of 185 Battery Avenue via Dorsa Property Group

by
1

Developers bought up $1,800,000,000 worth of Brooklyn land in 2013 to meet the increasing demand for apartments there, Real Estate Weekly reported. A total of 520 development sites changed hands across the borough, representing a 35 percent increase from the year before, said the story, citing the year-end report from Ariel Property Advisors.

Williamsburg saw the most sales with 74 properties changing hands for $284,000,000. Nearby in Bushwick and Bed Stuy, prices for some development sites more than doubled compared with prices in 2012. Overall, 1,388 properties in Brooklyn sold in 1,047 commercial transactions totaling $4,052,000,000. Multifamily sales rose 44 percent to 760 properties, and the dollar value of those trades increased 29 percent to $1,900,000,000. Whew, that’s a lot of zeros.

Apartment Builders in $2 Billion Brooklyn Land Rush [REW]