10 City Point

Downtown Brooklyn, real estate trends

Google Earth rendering of the new residential buildings going up in Downtown Brooklyn, via CityRealty.com

This time last year, 6sqft shared a report from CityRealty.com that detailed how Northern Brooklyn would be getting a staggering 22,000 new apartments over the next four years, with the majority, 29 percent or roughly 6,500 apartments, headed for Downtown Brooklyn. The trend has kept up, as the Times reports today that this number of units is concentrated among “19 residential towers either under construction or recently completed along the 10-block section of Flatbush stretching from Barclays Center north to Myrtle Avenue.” Another 1,000 units are coming to four buildings on Myrtle Avenue, and all of these are overwhelmingly rentals. In fact, 20 percent of the entire city’s rentals that will become available this year and next are in the neighborhood. But many believe this rental boom is fast approaching a glut that will cause prices to soften in a saturated market.

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Cool Listings, Downtown Brooklyn, New Developments, Rentals

City Tower, 10 City Point, Brodsky Organization, COOKFOX

City Tower, the second phase of Downtown Brooklyn’s 1.8 million-square-foot, mixed-use mega-development, has debuted, ushering in 439 brand new market-rate rentals to the heart of the borough. For a limited time, the building is offering new renters one month for free based on a 13-month lease. The 38-story tower’s current availabilities include four studios starting at $2,423/month, five one-bedrooms at $2,838/month, and three two-bedrooms at $4,154/month.

The building was developed and is being managed by the long-established Brodsky Organization and was designed by the acclaimed eco-conscious architects at COOKFOX. Perched twenty floors above 700,000 square feet of retail, entertainment and dining spaces, many of City Tower’s residences provide spectacular views of the harbor and Manhattan skyline.

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