Downtown Brooklyn creating ripples within New York real estate

Brooklyn New Yorks populous borough is now emerging as the hottest available New York Properties for sale especially the Downtown Brooklyn where residential development is continuing to race skyward with about 3,384 apartments in ! building that is e"pected to hit the market in the ne"t three years# $he residential tenants are paying record rent %or the available New York apartments for rent in Brooklyn with some o%%ice deals hitting &'( per s)uare %oot and the land prices there are shooting skywards# $he last time when such a real estate boom occurred was in !((4 due to re*oning and at that time, relocation to the neighborhood was not in demand due to %ewer in%rastructures# +owever, as o% now there are grocery stores, retail chains and trendy bars in abundance that is e"pecting more real estate buyers. $his development o% in%rastructure is naturally has prices climbing# $he median sales price in Downtown Brooklyn rose to !, to &'-4,((( in the third )uarter o% !( 3 that is up %rom &'3(,((( in !( (# $he available New York apartments for rent in this part o% borough have grown to !4, to an average o% &3,3(- per month %rom &!,... in !( ( according to the /treet easy data cited by the $imes# $here are %ive reasons why the Brooklyn borough is now a hot property o% New York real estate and these reasons are 0

This borough is quiet near to Manhattan and therefore benefits from its intimate connection with Manhattans commercial real estate that includes the available Manhattan condos for sale and Manhattan apartments for sale. The Manhattan office, which is ten times, or more of its market size and even if one percent of the office tenants moves to Brooklyn and Queens it will create a huge difference !illiamsburg is an e"tension of the #ower $ast %ide with good transport facilities

Brooklyn offers an enchanting residential housing stock, a powerful self& identity and a sense of place and an interconnectedness that is absent in other boroughs 'oung people are finding Brooklyn an attractive location for hangouts Ma(or retail and restaurant chains are opening up alongside the smaller franchise and independent shops )n the past, * + M %warovski crystal and ,rmani $"change opened up in -ulton Mall, which is a bustling shopping corridor that runs between ,dam %treet and -latbush ,venue $arlier %ephora, which is a makeup giant, moved into the Brooklyn Municipal Building at ./0 1oralemon %treet directly across the street from Borough *all The arrival of the national storefronts is a big shift for the area

2owntown Brooklyn provides enormous transportation options )t is near to popular Boerum *ill, 3obble *ill and 3arroll 4ardens There is an e"pectation that out of 56 new rental pro(ects planned to hit the market in Manhattan in the new few years, about 50 would be for Brooklyn ,fter the financial crisis, lenders are more willing to finance rentals than the available condos for sale in 7'3 *owever, with the improvement in the market condition, the new construction o% condos are taking place with condos selling for upward of 8.,.00 per square foot compared to 8/,900 in .006 #and prices in Brooklyn are also on the rise but compared to last year there are still about :/; lower than in Manhattan Manhattan based 4otham is currently developing a 600 unit rental near -ort 4reens Brooklyn ,cademy of Music The 3hetrit 4roup on the other hand is developing a rental<hotel pro(ect at :00 Metropolitan ,venue in 4reen =oint