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Could the Brooklyn Real Estate Bubble Be Bursting?

 

Could the Brooklyn Real Estate Bubble Be Bursting?
Row Houses in Bushwick courtesy of Wikimedia Commons.
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GFI Realty Services released an eye-opening report regarding the state of the commercial and residential real estate markets in Brooklyn entitled Brooklyn: The Bridge to the Future. One highlight of the report is that “Brooklyn is leading the country in multifamily construction[.] [Approximately] 22,000 new apartments in large-scale buildings [are] slated to hit the market by 2019 (5,000 in 2016 vs. 2,700 in 2015).” That all sounds solid in theory— but it’s uncertain whether the demand for all these new undersized apartments will stay high.

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