Avalon

August 6, 2016

Brooklyn’s Tallest Tower Finishes Construction and Commences Leasing

Back in 2007, a run-of-the-mill row of three- to four-story walk-up buildings bounded by Willoughby, Bridge and Duffield Streets was ordered to vacate to make way for a soaring mixed-use skyscraper developed by AvalonBay Communities. Without warning, shopkeepers were given between 30 and 120 days to clear out or face court eviction, evidence of the impact of gentrification on Downtown Brooklyn. The district's 2004 rezoning sparked the development of thousands of new apartments (6,400 in the pipeline according to our latest count) and is finally getting a dusting of office space too. Now, after an arduous, decade-long journey of assembling an 11-parcel site, clearing and excavating it, and throwing up nearly one million square feet into the air, Avalon has finally finished construction and has kicked off leasing of the building's upper collection of homes called Avalon Willoughby Square.
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February 5, 2015

Rents in Harlem Shoot Up, Brooklyn Studios Expensive as Ever

MNS has just released their 2014 report pointing to rental performance in the Manhattan and Brooklyn markets over past year. And as you've probably already guessed there are no surprises here—rents were up. Leading the charge in growth were Harlem where new luxury listings gave the area a major boost, and of course Brooklyn which continued see growth at remarkable rates, particularly with studio units which were up more than 20 percent in some nabes.
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