When it came to the New York City borough battle, Manhattan used to always come out on top. Everyone who came to New York City wanted to work in Manhattan and, if they could afford it, they wanted to live in Manhattan as well. The people who could not afford to live in Manhattan usually wound up in one of the many Brooklyn apartments that were available. That is the way things used to be in New York City for many years. As the saying goes, the times they are a-changing.
The Brooklyn Apartment Construction Surge
According to Forbes Magazine, there were 969 new apartment units built in Brooklyn in 2015. That is a respectable number for any New York City borough, especially the one that acts as the living area for Manhattan’s best workers. But, when compared to the 2016 Brooklyn apartment construction number of 6,073 units, the 2015 number seems to fall well short.
There are already estimates that 2,001 new units will go up in 2017, and that number is trending upward as well.
Big Investors Are Ready To Put Money Into Brooklyn
With more apartments comes more development, and investment houses such as J.P. Morgan are not ignoring what is going on in Brooklyn. According to National Real Estate Investor Magazine, heavy financial hitters such as J.P. Morgan, New York Community Bank, and Signature Bank are all prepared to invest hundreds of millions of dollars into Brooklyn apartments and commercial development over the next few years.
If this all sounds too good to be true for the people of Brooklyn, it actually is not. This entire change in paradigm is the result of an opportunity that the New York City borough of Brooklyn saw, and took. With its new basketball arena becoming a cornerstone of downtown attractions, Brooklyn seized on its new popularity to give Manhattan a run for its money.
Jobs Coming Into The Area
As more people were working in Manhattan but living in Brooklyn, the borough of Brooklyn started to wonder if their growing population would prefer to live and work in the same area. Brooklyn was becoming a trendy place where younger people were starting to converge and mingle with the people who worked in downtown Manhattan. To take advantage of the situation, Brooklyn decided to initiate a very successful employment shift.
At the core of the Brooklyn employment shift is the Brooklyn Technology Triangle, we previously wrote about this here. This is an area inside the borough where tech startups can get inexpensive resources such as office space and employment candidates, in exchange for growing their businesses in Brooklyn. When those businesses started taking off, the tech workers all started to need living space in Brooklyn. That is when the dominoes started to fall.
Brooklyn Offers Affordable Apartments
More business in Brooklyn means the need for more lawyers, investment bankers, and financial experts of all types.
Shipping companies, packaging organizations, and marketing firms all started to set up shop in Brooklyn, and the employment shift was in full gear. After a few years of hard work, the borough of Brooklyn was able to offer people good jobs and affordable apartments. The masses of people leaving Manhattan are starting to swell Brooklyn, and the borough is responding quickly.
In the span of three years, Brooklyn will add almost 10,000 new apartment units. There is also a significant rise in the amount of office space being built in Brooklyn, which is there to accommodate all of these new companies that want to be in Brooklyn, and nowhere else. It took a while for Brooklyn to pull it off, but it looks like Manhattan may not be the New York City apartment king for very much longer.