Brooklyn Space: November 1, 2023
A new story in the Brooklyn Eagle details the latest Brooklyn Real estate trends from MSN’s New Development Market Report. DUMBO and Williamsburg saw the biggest upswing in new real estate activity during the third quarter of 2023. While Prospect Heights saw the largest quarterly downswing.
The highest sale price in all of Brooklyn during the third quarter was the Olympia at 60 Front St in DUMBO, where one unit (29A) sold for $13,042,633 according to the report. The Olympia also scored the highest price per square foot, in another transaction for unit (31B) which traded for $2,912 per square foot, or $4,950,000.
The neighborhood with the most development sales by volume is Williamsburg, with 15.1 percent of the Borough’s total. While once again DUMBO topped the list of increase sales price per square foot, rising from $1,714 to $2,174. Bedford-Stuyvesant led the Borough in the percentage of two-bedroom units, or “family-sized” units sold. While the lowest median sales price was found in Flatbush at approximately $530,000 a unit.
Skip scrolling, find the biggest stories here:
- Against All Odds, NYCHA Does Something Right
- Developers Are Betting On The Future Of NYC With Huge New Office Towers
- Biden Administration Is Encouraging The Conversion Of Empty Office Space To Affordable Housing
- Top 10 Brooklyn Real Estate Listings
- They Brought Their Brooklyn Budget To The Jersey Suburbs. Which House Would Be Theirs?
Around Kings County
134 Vanderbilt Avenue Rises Above Street Level In Fort Greene
Construction is rising on 134 Vanderbilt Avenue, an eight-story mixed-use building in Fort Greene. Designed by executive architect Kane AUD and design architect SO-IL and developed by Tankhouse, the 85-foot-tall structure will span 89,847 square feet and yield 26 condominiums with an average scope of 1,269 square feet, as well as 3,159 square feet of commercial space, two cellar levels, a 30-foot-long rear yard, and 18 enclosed parking spaces. KSK Construction Group, LLC is the general contractor for the property, which is located at the corner of Vanderbilt and Myrtle Avenues.
They Brought Their Brooklyn Budget To The Jersey Suburbs. Which House Would Be Theirs?
Looking to upsize from their one-bedroom rental in Downtown Brooklyn, a young couple scoured Essex County, N.J., for a single-family house they could make their own.
Top 10 Brooklyn Real Estate Listings: A Carroll Gardens Rental, A Ditmas Park Standalone
White House Backs Converting Federal Properties into Housing
A new initiative by the White House intended to bolster the conversion of commercial buildings for residential purposes nationwide has garnered support from city officials and local real estate advocacy groups. The Biden-Harris administration recently proposed a series of actions that include repurposing federal property and using federal funds from the departments of Housing and Urban Development and Transportation to spur residential development. The initiative is meant to address the decades-long shortage in affordable, market-rate housing amid a dismal office market, according to the White House. Brooklyn Bigwig Carlo Scissura, president and CEO of the New York Building Congress, a real estate advocacy group, also welcomed the initiative and said it is a step in the right direction for developers in the Empire State. However, he warned that for the initiative to come to fruition, it now needs to be met with matching actions by legislators in Albany.
Former Navy Boarding House Tops Brooklyn’s Luxury Market
Boerum Hill townhouse, bought for $1.8M and renovated, last asked $7M. Overall, 18 Brooklyn homes asking $2 million or more went into contract last week, up from 11 the week before.
Housing Solutions From
Across The Globe
Only One American City Has Fought Inflation and Won – 2 Simple Ways It Keeps Costs Low
As of May 2023, the Minneapolis area has managed to bring its inflation rate down to 1.8% — the lowest inflation rate across the country. So how did they do it? They eliminated zoning roadblocks preventing housing construction and invested heavily in rental assistance and subsidies. Read more.
Perspectives From Brooklyn
► Against All Odds, NYCHA Does Something Right
Mentioning NYCHA is a conversation-stopper. Even Jumaane Williams deems the New York City Housing Authority the worst landlord in New York City. That’s in part because NYCHA has 178,000 aging apartments, but public housing’s problems in New York City are legendary: lead poisoning, mold, heating outages, broken elevators, crime, corruption. Despite it’s problems, NYCHA has been doing something right, but not getting much credit. Read more.
► The Biden Administration Is Encouraging The Conversion Of Empty Office Space To Affordable Housing
The White House announced new actions to support the conversion of high-vacancy commercial buildings to residential use, including through new financing, technical assistance, and sale of federal properties. Office and commercial vacancies across the country are affecting urban downtowns and rural main streets. A new blog released today by the Council of Economic Advisers finds that office vacancies have reached a 30-year high from coast-to-coast, placing a strain on commercial real estate and local economies. At the same time, the country has struggled for decades with a shortage of affordable housing units, which is driving up rental costs, and communities are seeking new ways to cut emissions, especially from existing buildings and transportation. The actions announced build upon the initiatives in the White House Housing Supply Action Plan, which is lowering housing costs, boosting housing supply, and promoting fair housing. Read more.
► An Extremely Detailed Guide To An Extremely Detailed Map of New York City Neighborhoods
How is a neighborhood born? In a small pocket of the Bronx, the answer involves rising rents, a civil war and an air traffic controller at Kennedy Airport. Read more.
► Our Cities Aren’t Dead Yet!
Reporters and analysts have found the expected return to pre-pandemic urban vitality of 2019 agonizingly slow or incomplete. The persistently high office and retail vacancy rates, homeless encampments, and elevated crime have inspired a wave of urban “doom loop” coverage, amplifying the worst-case situations and scenarios: cities will collapse under red ink, transit riders will never return, urban disorder has made cities dangerous and unlivable again, and so on. Coverage like this reliably attracts clicks and eyeballs but conspicuously overlooks telltale signs of resilience and adaptation. Cities are changing quickly post-pandemic, but failing to return to 2019 urban activity levels does not mean they are not recovering or have lost importance to business, culture, and sociability. Read more.
► Developers Are Betting On The Future Of NYC With Huge New Office Towers
It’s no secret that Manhattan’s office market is in crisis. Or is it? In the city, nearly 100 million square feet of office space is sitting vacant. But investors and developers are pushing forward and betting big on the Big Apple’s future with a dozen jumbo towers now in various stages of planning or completion. All are trying to woo the numerous large tenants that make decisions years before their current leases end. Hippo-sized companies like Blackstone, American Express and Jane Street Capital are known to be in the market, scouting for about 1 million square feet each. Read more.
What’s On X?
Leave a Comment
Leave a Comment