8/18/2015
By Ivan Pereira
Downtown Brooklyn and Williamsburg will grow more vertically over the next few years.
A report released Tuesday by real estate listings site CityRealty found the two neighborhoods have the most new developments, with more than 10,000 units in 50 new buildings opening in them by 2019, in the city. Several of the new buildings are skyscrapers that will transform Brooklyn’s waterfront skyline.
“There is pent-up demand to live in Brooklyn. What these buildings are offering was what was in short supply in Brooklyn in the past,” said Gabby Warshawer, a CityRealty spokeswoman.
Borough-wide, there will be roughly 22,000 new apartments by 2019.
The most anticipated buildings in Downtown Brooklyn include City Point at 1 DeKalb Ave., which has been under construction for eight years, and contains three residential buildings.
One could go as high as 60 stories, which would make it the tallest building in Brooklyn.
Williamsburg will soon be home to three 24-story towers at 420-430 Kent Ave., which are under construction.
Warshawer said there’s a surge in construction because real estate professionals are finally in a financial standing where they can take advantage of the zoning changes that permitted more residential buildings in Downtown Brooklyn and Williamsburg.
“Developers started to build a lot in those neighborhoods … but then the financial crisis came and slowed down the development process,” she said. “Building has picked up once again and it’s on track to surpass the levels pre financial crisis.”
Warshawer added the 21,822 new units that are coming in the next four years offer home buyers an alternative to usual town houses, condos and co-ops in the borough.
City Councilman Steven Levin, who represents Downtown Brooklyn and Williamsburg, said that although the development may boost the neighborhoods’ economies, he pushed the city to boost other areas in the community. “It should be obvious to anyone that this unprecedented development must come with significant new investments in the already strained infrastructure, schools, roads and open spaces in these communities,” he said in a statement.
Warshawer said the new Brooklyn buildings will come with a share of affordable units. Some of the completed towers will be designated 100% affordable.
