BK Sees Multifamily Building Boom

NEW YORK CITY—Assuming that all of the projects currently in the pipeline reach completion, Brooklyn will see thousands of new apartments come on line over the next few years, CityRealty says in a new report. Based on projects that have been announced, roughly 22,000 new apartments will be constructed in the borough through 2019, a development pace that's expected to reach a 10-year high in 2016.

CityRealty says approximately 2,700 units are slated for delivery by the end of this year. Next year will see nearly double that number, with 5,000 units ready for delivery. Between 2017 and 2019, at least 14,000 more units are planned.

The report cites two neighborhoods with the greatest amount of new construction: Downtown Brooklyn, where 6,400 apartments are being built; and Williamsburg, where 4,300 new units are in the pipeline. Large-scale development projects in other neighborhoods, including Greenpoint Landing in Greenpoint and Pacific Park in Prospect Heights, will also result in thousands of new apartments, although not all will come on line over the next four years.

Forest City Ratner's Pacific Park, formerly known as Atlantic Yards, will bring 6,430 new units of housing to the borough upon full build-out. At present, four of the 14 new residential buildings planned as part of the Barclays Center-anchored project are under construction: 535 Carlton Ave., 550 Vanderbilt Ave., 461 Dean St.—which will be the world's tallest modular building—and 38 Sixth Ave. When completed, they'll total 1,246 new apartments.

While the two apartment buildings now under construction at Greenpoint Landing will comprise a total of just 191 units, the project will eventually encompass 10 buildings totaling 5,500 apartments. CityRealty notes that the project's developer, Park Tower Group, has filed permit applications for 37 Blue Slip and 41 Blue Slip, which will add a total of 773 more units when they're completed.