Two Brooklyn markets: their recovery and future
BY SEAN R. KELLY, ESQ.
Downtown Brooklyn and Williamsburg are two very different marketplaces, catering to different clientele seeking the same thing: a less expensive alternative to Manhattan, without sacrificing convenience. This was the conventional thought process and holds true for many residents today. However, more and more residents, retailers, restaurants and other businesses are choosing Brooklyn over Manhattan because of preference, not pricing. Brooklyn has its own place on the map and the recovery and resurgence of Downtown and Williamsburg are, and will continue to be, the driving factors behind the Brooklyn boom.
Currently, Williamsburg is the hottest market in New York City! Historically a neighborhood of warehouses and loft buildings, most development sites have large footprints, and the zoning off of the waterfront only permits low density. This offers developers the ability to keep construction costs down and deliver efficient buildings with loss factors below 15 percent.