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March 7, 2008
Downtown Brooklyn Housing Falls Short of Predictions
Brooklyn Daily Eagle
by Sarah Ryley
This article gives an overview of new housing projects for Downtown Brooklyn, and also mixes in Atlantic Yards, which is located in Prospect Heights.
The following contrasts Forest City's opinion as to how well housing might sell in Atlantic Yards with that of Halstead Property Director of Marketing, William Ross.
Ratner’s financial projections for Atlantic Yards estimate market-rate condominiums in each tower would sell out in three to seven months, with construction phased over seven years. Miss Brooklyn’s 335 condos would sell in six months; the towers in the second phase, each with roughly 200 condos, would sell in three months, according to projections.
Ratner doesn’t have a crystal ball to predict market conditions over a decade, and Reigelhaupt cities MetroTech and other large projects as proof of his company’s staying power. “Forest City has been in Brooklyn for over 20 years and developed through all sorts of business cycles,” he said.
But William Ross said those projections seem optimistic even during boom years. He predicts towers with hundreds of condos will sell out in two or three years. “I think the timeline is going to stretch,” he said. “If too much comes on the market too quickly, it’s actually not healthy for the market.”
Posted by steve at March 7, 2008 7:32 AM