clock menu more-arrow no yes

Filed under:

Downtown Brooklyn Housing Sizzle Fizzling?

New, 31 comments

Is the much hyped Downtown Brooklyn housing boom fizzling? The Brooklyn Daily Eagle, which is often exceptionally bullish on development in the borough reports that "construction of market-rate condominiums and below-market apartments has fallen far short of earlier predictions." The paper looked at 58 projects listed with the Downtown Brooklyn Partnership, accounting for $9.6 billion in investment. It found that of 5,285 market rate condos planned, about 1,400 have come on the market and about half of them are still listed for sale. While some, like our old friend 110 Livingston have sold well, other like the Oro and Belltel Lofts are still less than half sold. Downtown Partnership President Joe Chan says the issue could be "increasing mindfulness to the total amount of product on the market right now, particularly on the condominium side," which we think means there could be a glut. Add to that projects that have been killed recently, like the Catsimatidis' Myrtle Avenue project and the huge Ratner tower, plus some that are stalled, and one has the sound of sizzle becoming fizzle. On the bright side, hotels and retail are doing well.
· Downtown Brooklyn Housing Falls Short of Predictions [BDE]
· Catsimatidis, the Credit Crunch, and the Future of Downtown [Brownstoner]
· Downtown Invasion Begins, But Who's Moving? [Curbed]

110 Livingston

110 Livingston St, Brooklyn, NY 11201