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By Accord Real Estate Group

Downtown Brooklyn Residential Boom

September 26th 2019
Tags: Real Estate News, Brooklyn Real Estate

Downtown Brooklyn New York is a vital and lively hub of Brooklyn New York. It is the third largest central business district in New York City.

Downtown Brooklyn NY residential Boom

A 2004 rezoning of Downtown Brooklyn, NY was originally meant to promote more commercial development such as office and cultural projects. Instead, the rezoning put into motion a huge wave of residential development. The city has anticipated 979 new housing units and 11,000 + housing units were created as of 2016 according to a report from Brooklyn Borough President Eric Adam’s office.

Interestingly, commercial property developed as of 2016 stood at 1.3M square feet, far short of the anticipated 4.6M square feet of commercial property development.

Downtown Brooklyn, NY is experiencing tremendous demand because of the many lifestyle options available, the convenience of access to 13 subway lines, proximity to the Brooklyn Cultural District (formerly called BAM) and bordering the very beautiful, charming and historic neighborhoods of Cobble Hill, Boerum Hill and Brooklyn Heights.

Jamie Anthony principal of Lonicera Partners which has developed 13 projects in the Downtown Brooklyn area says that “there is much more high density residential development in Downtown Brooklyn build over the last decade”.

Along the Schermerhorn Street corridor which runs into Brooklyn Heights there are several large scale apartment and condo projects that have been developed in the last 10 years.

There are literally hundreds of condo and coop apartments on the market for sale in Downtown Brooklyn.

 The availability of apartments  is excellent with 54+ Downtown Brooklyn, non doorman rental buildings and 14 Downtown Brooklyn Doorman rental buildings.

If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property,  an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.

We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.

Thank you,
Accord Real Estate Group
Your Brooklyn Realtors