News
BROOKLYN'S A WHOLE NEW WORLD
October 15, 2012
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| MNS partner David Behin (with daughter Marley at Jane's Carousel in Brooklyn Bridge Park) says Brooklyn is going through nothing shy of a cultural revolution. The borough hit its stride 10 years ago, but in the past two, it's blown up with all the right components of live/ work/play/skinny jeans. David, who's speaking at Bisnow's Future of Brooklyn event at the New York Marriott at the Brooklyn Bridge on Nov. 2, notes that Etsy started there and Kickstarter is setting up its HQ in Greenpoint. On the residential side, all those stalled condos are finally launching, mostly as rentals. Rents are going up as tenants display a willingness to pay for condo-leve l finishes, and that's motivating the next round of apartment developers to build upscale. Rents, David says, are up from the mid-$30s to mid-$50s or even $60s. |
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| And Williamsburg's renaissance really has barely begun, he says. Institutions are buying entire city blocks of industrial space at once. The key here is by-right zoning. M (for manufacturing) zoning also allows retail use, so savvy buyers like NYC-based equity funds are scooping up land to build retail to serve the influx of Billyburg residents. David says he has one such deal under contract now. |
