Wall Street Journal Eyes Possible Rental Glut in Brooklyn

According to this WSJ story, real estate analysts are concerned about possible oversupply in the rental housing market in Brooklyn because of the large number of new buildings that have recently been completed, are about to be, or are planned in various locations, prominently including downtown Brooklyn, which real estate people have re-branded as “DoBro.”

Among the buildings mentioned as possibly affected is 180 Montague, ex “Archstone Apartments,” (at left in photo), which now faces competition from its newly completed next door neighbor 172 Montague (at right in photo). The story notes that pressure on rents now seems to be concentrated on larger, more expensive units; demand for studios or “starter apartments” remains strong.

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  • Andrew Porter

    That block now has the Archstone, the brand new building next door at 172, the rebuilt building that goes from Montague to Remsen on Clinton (with the new CVS) and the building planned for just behind the Archstone (destroying its south-facing views) on Remsen. Then there are the plans to sell the Remsen Street building next to the new construction site.

    Also, the pending teardown on Montague between the buildings with the Chipotle on the left, the Santander Bank on the right (is that 181?). At some point, you have to question whether people will want to move to these new places.

  • Quinn Raymond

    Part of the problem is the 421A program, which Cuomo refused to fix this year: https://www.habitatnyc.org/pdf/advocate/Pratt421a.pdf

  • Jorale-man

    I know Pierhouse is a condo/hotel complex but I wonder if the planned skyscrapers for Pier 6 in the park will be rentals? It seems like this could offer ammunition for opponents.

  • Brixtony

    Not “DoBro” – that’s already been taken – I play one!!!

  • petercow

    If the price is right.