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Downtown Bklyn’s Rental Market for Apts Stays Strong

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Don’t be scared about the downtown Brooklyn market, especially for apartments. The area is a hot spot with plenty of things to do and business activity, so this spot will not hit hard times any time soon. Photo Credit: Shutterstock

Don’t be scared about the downtown Brooklyn market, especially for apartments. The area is a hot spot with plenty of things to do and business activity, so this spot will not hit hard times any time soon. The New York Post reports that there are a whole bunch of new apartments that are on their way to the area, which has already seen a recent rise in housing, especially high-rise buildings that can house many people and families, making good use of space and resources. Even with all of this incoming supply, the occupancy and rent rates remain almost as high as the tallest luxury high-rise buildings, the New York Post reports.

When a big project called The Hub was being built, the developer worried that it wouldn’t be good enough and would not be able to compete with the other buildings nearby that have all sorts of flashy offerings.

“It’s impossible to know where the market will be when we finish,” Doug Steiner said in a March 2018 interview.

The New York Post reports that Steiner can take a deep breath because if he were to look at the data that Downtown Brooklyn Partnership just put out, he would see that occupancy is doing swell, higher than 95 percent, with these properties continuing to be able to consistently lease new apartments month after month.

The buildings even stabilized after only a single year of being on the market, maybe in part because of some of its leases that were for 20 months instead of something like 12 or 24 months. Regina Myer talked to the New York Post and used her expertise as the president of Downtown Brooklyn Partnership to explain the situation. “We want to dispel any notion that there’s a glut,” she said. “All the talk of oversupply has been overblown. We see only tremendous demand to live downtown.”

She added that “no owner has complained about a slow lease-up.”

She said to be careful though with taking the success and roadmap to that success from one neighborhood and projecting it onto other neighborhoods. Myer explained how places like the waterfronts for Williamsburg and Greenport are not the same as downtown Brooklyn, which have seen median rent prices go up t the same time that median rent prices declined throughout the entire borough.

The Jewish Voice has been reporting about the booming real estate popping up in Brooklyn, spanning different sectors and especially in downtown Brooklyn. Across the street from City Point and next door to Junior’s iconic cheesecake outpost, construction began recently on 9 DeKalb Ave., which will be Brooklyn’s tallest building. With 73 stories rising 1,066 feet and housing 500 rentals, the SHoP Architects-designed tower will dwarf everything nearby. In a merging of old and new, developers JDS and the Chetrit Group are incorporating the landmarked Dime Savings Bank into the supertall tower’s base and will lease it to a retail tenant when the project is completed in 2020.

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