There is always a lot of buzz regarding the high rise luxury developments that will soon dominate the New York City skyline. But that's mainly in Manhattan.
Sure, there are major developments either happening or in planning stages for many boroughs, like the tallest building in Brooklyn, or the proposed "Piano District" in the South Bronx.
Forget about the sensationalism of upcoming developments for a second, though.
The fact is, Brooklyn will lead the nation in newly available units in 2016.
That's right. There is no place in the USA that'll see more new apartments built this coming year than Brooklyn, New York. Moreover, three of the real estate markets with the most units available next year are in NYC.
What does all of that mean? Basically, we're building an absurd amount of living spaces. In Brooklyn, there will be 6,073 new apartments. The next year we'll see 2,001. Generally, when there is a surplus of something, the price goes down according to supply and demand.
Some of those units are part of de Blasio's affordable housing plans for Brooklyn, with many landing in Greenpoint, of all places.
But this being NYC real estate, nothing is as it seems. Just because we'll have a lot more apartments next year doesn't mean your rent is going to go down, and it doesn't necessarily mean the new apartments will be cheap either.
Screenshot via Forbes / source: Axiometrics Inc
Further down the list is Midtown West, with 4,387 coming in 2016 as well as the Hudson Waterfront with 2,997.
So not only is Brooklyn leading the City in new units, but the City is leading the country. Are we doing this right?
Check out the 12 Most Expensive New Condo Buildings in NYC.
[via Brokelyn] [Feature Image Courtesy The Awl]