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‘Best of Brooklyn Real Estate Showcase’ highlights projects all around the borough

WILLIAMSBURG — It was only fitting that the Refinery at Domino be the venue for the “Best of Brooklyn Real Estate Showcase” hosted by the Brooklyn Chamber of Commerce on Tuesday, Oct. 29.

Its stunning views of the Manhattan skyline served as the ideal backdrop for bringing together leaders in the field of real estate and property development and highlighting 31 projects completed between January 2023 and June 2024.  

The categories were arts and culture, entertainment, commercial/office, education, historic restoration, design, industrial, mixed-use, public and open space, residential: mid and high-rise, residential: multi-family (two-to-four units), retail and sustainable design.

James Whelan, president of the Real Estate Board of New York, delivered the keynote to more than 200 attendees, speaking about the economic development and growth of Brooklyn’s real estate market.

“Like most of the city, Brooklyn has had its challenges with the pandemic,” Whelan said. “But Brooklyn will come back — it will take some time, however.” 

According to Whelan, parts of the commercial market are making a resurgence, as are many of the retail corridors.

“But rental housing is the most important type of housing in New York City, with over 2 million renters,” he explained.  “We have a very low vacancy rate in the City — 1.4% — and it’s even lower in Brooklyn at 1.2%. We need to create more housing, more affordable housing, and we need a higher vacancy rate in Brooklyn so that rents don’t go up as much and renters have more choices where to live.” 

Kenneth Fisher, a member of Cozen O’Connor and co-chair of Brooklyn Chamber of Commerce (BCC) Real Estate and Development Committee, served as one of the evening’s emcees and pointed out that while there was a setback for real estate in New York during the pandemic, all during that time, Brooklyn continued to have momentum.

“There were new buildings in the pipeline being developed, people investing and now coming online,” Fisher said, adding that today those projects received their occupancy certificates over the last year and a half.

“People really want an interesting, authentic, 24-7 live/work environment, and that’s what Brooklyn has come to exemplify,” Fisher continued, citing neighborhoods like Dumbo and Williamsburg as “places where people want to be.”  

Dan Marks, CEO of TerraCRG, noted that Brooklyn “is a special place with a unique heart and soul that can’t be captured anywhere in the world. There is a brand and a vibe that comes along with it that just can’t be duplicated anywhere else.” 

BCC President and CEO Randy Peers told the Brooklyn Eagle that the “Best of Brooklyn Real Estate Showcase” is all about positivity.

“This used to be called the ‘Building Brooklyn Awards,’ but after COVID, we didn’t want this to be competitive,” Peers said. “We really just wanted to celebrate everyone’s success. The projects tonight cover such diversity, and it displays the extraordinary range of creativity in the real estate community here in the borough.” 

The Best of Brooklyn Real Estate Showcase was sponsored by Citizens, Cozen O’Connor, Industry City, International Security Services, Inc., JPMorgan Chase, Optimum Business, TD Bank, and Two Trees Management Co.