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January 20, 2012

"Brooklyn Is Set for a Building Boom," as per WSJ? Maybe if you count the delayed Atlantic Yards towers.

Atlantic Yards Report

The Wall Street Journal reported yesterday, Brooklyn Is Set for a Building Boom:

Developers are rapidly running out of space to build new projects in Manhattan, but brownstone-dotted Brooklyn could be poised for a building boom, according to a new report.

Brooklyn has in the early planning stages as many as 14,000 new residential units in the coming years, compared with Manhattan, where just 5,000 new units are in the early planning phase, according to a new report by Nancy Packes, a consultant to some of the city's largest developers.

That's primarily because Manhattan is running out of new sites that are zoned for residential use, according to Ms. Packes.

Developers, such as AvalonBay Communities Inc., Stahl Real Estate and Douglaston Development already have large new projects planned for downtown Brooklyn and the Williamsburg waterfront in the next few year.

Oh, really? No breakdown of that 14,000 figure was given and, as Brownstoner observed, "we’re guessing that the vast majority of those are supposed to be delivered via Atlantic Yards and Domino, so the 'boom' has been imminent for quite some time."

And, I'd add, the apartments towers have been delayed for a while.

link

NoLandGrab: OK, Wall Street Journal, hit the snooze button and go back to sleep for a couple more years.

Posted by eric at January 20, 2012 10:59 AM