Although north Brooklyn neighborhoods are the focus of most of the borough’s real estate investment hype, the southwest section is catching up.
The number of buildings sold in that area extending from Sunset Park to Coney Island, including Bensonhurst, increased about 40% between 2013 and 2014, according to Adrian Mercado, the vice president for research at Massey Knakal Realty Services. The southwest end also contributed to 25% of Brooklyn’s total buildings sold, compared to 22% in northern Brooklyn, which includes Williamsburg, Greenpoint and Bushwick.
“As Brooklyn has become a stand-alone market, much in the way Manhattan is a stand-alone to New York City, more investors have come to Brooklyn as a whole looking for opportunity and yield,” Mercado said.
Ninety-six Bensonhurst buildings were sold in 2014, according to Mercado, with the influx of Chinese immigrants moving into the neighborhood benefiting investment sales.
“Bensonhurst benefits from its proximity to Sunset Park industry and good building stock,” Mercado said. “As a result, smaller scale development has begun to take place, with Asian investors also investing in existing property heavily.”