The Number of Apartments In Downtown Brooklyn Is Nearly Doubling

Photo via Coldwell Banker

If there’s one piece of wisdom we always hear about Brooklyn real estate besides “it’s getting more expensive,” it’s that high prices can be blamed, in part, on a lack of available housing stock. It’s a perfect storm of low supply and high demand (and one of the major reasons prices have gotten so astronomical in, say, Bushwick). Well, here’s a fun merger of those two things: the Daily News reports that over 3,300 units are currently being built in Downtown Brooklyn alone, almost all of them likely to eventually rent or be sold at the outlandish “market rate.”

The data comes from a recent report by the Downtown Brooklyn Partnership, which found that of the 3,300 units that are currently under construction, just 419 are slated to be “affordable.” The Daily News also notes:

“Among the market rate buildings is 388 Bridge St., a sleek tower that, at 53 stories and 575 feet high, surpasses the current borough record-holder, the Brooklyner — which stands at 512 feet, according to city records.”

Of course, the area’s drastic overhaul in recent years isn’t exactly a secret—there’s already been an entire movie about it, Kelly Anderson’s excellent My BrooklynBut if ever you’re looking for specific statistics to toss out about the neighborhood’s rapidly changing makeup, these ones are pretty hard to ignore.

Follow Virginia K. Smith on Twitter @vksmith.

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