It's Official; Downtown Brooklyn Has A Rental Apartment Glut (New York: real estate market, credit)
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Meanwhile you have hundreds of thousands applying for 20 affordable apartments.
Something has to give.
I'm suspicious of these constant "Thousands apply for one apartment" stories. I bet the average NYC housing connect applicant puts in for 10 developments at a minimum if not dozens upon dozens.
Anyway, as I've said before, build baby build. That's the only way to make NYC partway affordable. Add a property tax surcharge to market rate units and use that to fund housing vouchers for the least fortunate. End RC/RS.
Umm, you just answered your own question..."it has good transportation and is close to desirable neighborhoods such as Brooklyn Heights, Cobble Hill, Fort Greene and Dumbo"
Add to that, it has immediate proximity to places like BAM, Barclays Center, movie theaters (there's a new Alamo Drafthouse at Albee Square and it's pretty awesome. I must admit, I'm going there a lot now) and it's a stones throw to the BK museum. Also, downtown BK has added a swath of new retail. Fulton Mall isn't just Jimmy Jazz and wig stores anymore. It has major retailers: Centry 21, Gap, Banana Republic, MAC, Target, Nordstrom Rack, H&M, just to name a few. Also, within CityPoint there are more "retail attractions" coming including a massive artisan food hall, Dekalb Market, a Trader Joe's and a Whole Foods 365 store is opening up close by in Ft Greene. And let's not forget that it is quite literally a 10 minute commute to loathe FIDi and 20 minutes to midtown.
So while YOU might not see the attraction, the above makes it clear why many others do.
On a side note, I think the apartments will fill but it will be a slower process because of the price. If those $2700 studios were $2100, they wouldn't have an issue.
Meanwhile rents are still reverting to its mean. So apparently there are enough people who do not find it worth it.
There are malls and movie theaters all over the country. People do not frequent them enough to justify living in them.
But the thing that killed the appeal of Downtown Brooklyn happened long ago through the development of all the on/off ramps for the BQE and bridges, and the construction of the municipal and corporate complexes.
Also keep in mind that the residents that live around the Barclay Center didn't even want it constructed in the first place.
Problem is with much of DT Brooklyn certain basic amenities just haven't kept up with the rapid building boom.
Good to excellent public schools in the area are hard to find especially pre-k through 8th grade. Private are packed and then there are the hoops you have to jump through to get your kid in....
But the biggest thing is that for many if a household can swing $2.5k per month rent, they likely also can afford a mortgage. There has been first a trickle now a good sized stream of families moving to New Jersey and other suburbs from Brooklyn.
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Good to excellent public schools in the area are hard to find especially pre-k through 8th grade.
Good. Let's keep it that way. Families who move into neighborhoods worrying about the local public schools kinda sorta RUIN it for those of us who don't give a crap about that stuff. Can't there be SOME areas of the city where people who aren't family-nerds don't reside!? They are the worst.
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There has been first a trickle now a good sized stream of families moving to New Jersey and other suburbs from Brooklyn.
I am originally from Jersey. And these ex-brooklyn ex-pats who aren't even from NYC to begin with are culturally murdering these places out in Jersey and various suburbs with their cornballness. People HATE them! Nothing grosser than some corny midwestern couple moving to urban jersey after having lived in Brooklyn for a few years and trying to make it all "Brooklyn" :/ please, DIAF
What a bitter guy. I really hope you win one of apt soon because you seem to have a lot of hate in you and would probably end of hurting someone and/or you self.
What a bitter guy. I really hope you win one of apt soon because you seem to have a lot of hate in you and would probably end of hurting someone and/or you self.
He's a transplant from New Jersey. If he's so bitter here her could always move back to Jersey where he came from.
Good for them. $2700 for a studio. That is complete lunacy.
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