Checking in on the New Development Pipeline

Looking back on this article from Spring of The Brooklyn Daily Eagle,  Bushwick poised for new development and growth | Brooklyn Daily Eagle, the new development projects have been progressing as these areas have been rezoned for residential use, and now permits are being filed to move forward on construction. http://newyorkyimby.com/2014/10/yimby-today-east-harlem-mec-battle-heads-to-ny-state-supreme-court-more.html

The condo market, along with large residential and mixed use development, is taking hold in the neighborhood. As rental prices continue to rise in and around Bushwick, the option to buy an apartment may become more attractive to the next generation of buyers with disposable income. And many developers are considering that rationality when pricing these condo units in an adolescent, but burgeoning market. Instead of basing price on previously sold comparables, since there are relatively few, developers are considering what the average renter is paying to lease, and using that figure as a monthly allowance for what a buyer in the neighborhood would be able to afford.

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