Williamsburg king of new condos
Brooklyn's new development market seems on track to a healthy recovery - and Williamsburg is leading the way when it comes to condos.
A new report on newly developed real estate in the borough revealed that Williamsburg is home to more than 30% of the sales of newly built condos.
Four new condo buildings accounted for 45% of total new development sales: The Edge and Northside Piers in Williamsburg; One Brooklyn Bridge in DUMBO; and On Prospect Park in Prospect Heights.
"What this really shows is that Brooklyn has arrived; it's no longer an alternative to other areas," said Andrew Barrocas, chief executive of the real estate group MNS. "It's incredible - Brooklyn is the most exciting place for real estate in New York right now. There's a lot of growth happening."
The report is a good indicator of the health of real estate development overall, tracking topics such as stalled developments. Beginning in 2008 through the end of 2010, the Brooklyn market endured a huge slump, with many stalled developments and few new units coming onto the market.
Since then, Barrocas says, both sales of new developments and prices of sales have increased. In Williamsburg, there is a particularly high demand for the handful of new buildings on the market.
"Typically the last remaining units of new buildings are hard to sell, but we're not experiencing that in any building now," he said.
"There is so much demand. If we put it out, it sells."