City hopes to bring Brooklyn’s development boom to East New York
Strategic upzonings, New York City’s efficient subway network, and an influx of young people have all contributed to the surge in development in Brooklyn’s northern neighborhoods, while other parts of the borough have been virtually ignored by developers.
An Ariel Property Advisors’ study of permits filed with the NYC Buildings Department in 2013 and 2014 confirms that development is booming in the areas that were rezoned by the city 10 to 12 years ago including Downtown Brooklyn, Williamsburg/Greenpoint, and Fourth Avenue; in mega developments such as Pacific Park in Prospect Heights and the Rheingold Brewery complex in Bushwick; and in the smaller, mostly vacant lots found in Crown Heights, Bedford Stuyvesant, and Bushwick. The study reviewed 670 permit applications for residential projects with six or more units.