jonathan miller

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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Brooklyn, Manhattan, real estate trends, Rentals

rent stabilization NYC

Looking to change apartments? Well apparently so is everyone else in the city as they get slammed with rent hikes. According to Douglas Elliman’s latest rental report prepared by real estate guru Jonathan Miller, there was an 85.1 percent increase in new leases signed last month with units lingering on the market an average of only 41 days before being scooped up by a new tenant. Landlord concessions have also pretty much disappeared, they report, and the city’s vacancy was a mere 1.65 percent in May. The takeaway: Even in the face of insane, and ever-rising rents—we’re now talking a median $3,380 in the city (up for the 15th consecutive month)—Manhattan’s is still full of crazy people (including us) willing to pour their paychecks into one-bedroom apartments with no views. Brooklyn, of course, was no better, with median rents also climbing to $2,961.

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Real Estate Wire

Ismael Leyva, 530 West 30th Street
  • First look at the Ismael Leyva-designed, Related Companies-developed condominium planned for West 30th Street between Tenth and Eleventh Avenues, a site that overlooks the High Line Park. [Curbed]
  • Jonathan Miller pinpoints two new records for NYC: The average sales price for NYC residential real estate (co-ops, condos and 1-3 family sales) reached a record $975,441 for 2Q 2014; while the average sales price for NYC residential real estate excluding Manhattan reached a record $542,216. See graphs charting the change over at Curbed. [Curbed]
  • Developers of Astoria Cove promise to create a ferry terminal to serve the new mega development. [TRD]
  • Bed-Stuy is red hot. Nine of the nabe’s top 15 residential sales in the past five years are from 2014. The highest rang in at $2.25M. [TRD]
  • Extell wants to raze one of the former Ring buildings it acquired last year. [CO]

The Ismael Leyva-designed tower at 520 West 30th Street(left); The $2.25M Bed-Stuy townhouse (right)