The Wall Street Journal today reports that “Brooklyn Is Set For A Building Boom” in an article that claims residential developers are running out of zoned space in Manhattan, so setting their sights—and sites—on the borough.
A report by Nancy Packes, a consultant to city developers, says, “Brooklyn has in the early planning stages as many as 14,000 new residential units, compared with Manhattan, where just 5,000 new units are in the planning phase.”
The article focuses on downtown Brooklyn and the Williamsburg waterfront, but mentions 30 Henry Street, “a low-rise project in Brooklyn Heights with full-floor units designed to emulate townhouses.”
The Packes study also insinuates that because a high percentage of Brooklyn residents are “tech or creative workers” (34%), they are more likely to “gravitate toward simple, tasteful new construction at lower price points and away from modern towers loaded with amenities.”
Citi Habitats broker Anthony Dellecave noted in the story, “That charming brownstone feel is what people like about Brooklyn. From a developer’s perspective, I’d stay away from the modern luxury high-rise and focus on old-world charm and prewar character.”
Adds Packes, “The idea of luxury may finally be finished, at least to these emerging neighborhoods.”
