L-Train reprieve could mean end of lower rents in Williamsburg

January 4, 2019 By Raanan Geberer Brooklyn Daily Eagle
Gov. Andrew Cuomo announced last week that the L-train shutdown would be canceled. AP Photo/Mary Altaffer
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Gov. Andrew Cuomo’s surprise decision to keep the L train running from Brooklyn to Manhattan on weekdays during tunnel repairs has been cheered by North Brooklyn landlords and may signify the end of rental discounts in the neighborhood.

In Williamsburg and nearby neighborhoods, rents fell 1.5 percent in anticipation of what was planned as a 15-month shutdown, while rents in Brooklyn overall have risen 3.3 percent, according to The Wall Street Journal.

Prospective tenants began shifting their areas away from parts of Williamsburg that are only served by the L to areas that are closer to other subway lines, such as the G or the J/M/Z, the Journal said.

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“This is a major wow for us,” Carey Larsen, a Citi Habitats broker who is based in Williamsburg, told the Journal. “I can’t think of anybody happier to hear this than property owners and real-estate brokers.”

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