Greenpoint Joins Bushwick With 20 Percent Rent Leap As Williamsburg Drops

By Meredith Hoffman on May 2, 2013 2:14pm 

GREENPOINT — Bushwick isn't the only spot to face recent "incredible" rent leaps — Greenpoint has seen its own 20 percent spike this year, a new report shows.

The North Brooklyn neighborhood's average residential rents have jumped $457 from last spring, MNS Real Estate's annual report says, as new high-end apartments hit the market and developers prepared for more to come.

"There's not a tremendous amount of inventory there...and one group of buildings came into the area with higher prices than the neighborhood's used to," said MNS' CEO Andrew Barrocas of the jump, which also included an increase on already-existing buildings. "There are a couple of sites coming into the ground starting this year and I think it's spurring a lot of activity."

Average studios skyrocketed from $1,875 to $2,688, one-bedrooms from $2,411 to $2,685, and two-bedrooms from $2,722 to $3,036, the report showed.

And Barrocas said that Greenpoint's similarity to Williamsburg (from its waterfront access to its recent rezoning for residential and commercial use) was also prompting a retail boom, which would "happen a lot more quickly" than in Williamsburg.

"A lot of business owners saw such success in Williamsburg and see such similarity in the areas...the retail component is filling in much more quickly, whereas in Williamsburg we're still getting major amenities," he said of the delay from residential to retail developments in Williamsburg. 

The major sites that prompted this year's average rent increase included architect Karl Fischer's 60 Franklin St. building and 305 McGuiness Blvd, said Barrocas, noting that future developments this year would continue the trend.

The proposed waterfront towers at Greenpoint Landing (whose plans will be presented at a Community Board 1 meeting next week) are among the major developments slated for the neighborhood in the next year, Barrocas noted.

Meanwhile, Williamsburg actually saw a slight decrease in rent for one-bedroom and two-bedroom apartments, the report showed. One-bedrooms dropped from $3,072 to $2,910, and two-bedrooms from $3,909 to $3,674, which Barrocas attributed to new residences in East and South Williamsburg (as supposed to "prime" North Williamsburg near the water and Bedford Avenue).

"Inventory in the Southside and in East Williamsburg is not as expensive," he explained, noting that he had still seen "aggressive increases" in North Williamsburg prices.

Average studios throughout Williamsburg still increased from $2,600 to $2,730, the report noted.

Bushwick's annual leap included studios increasing from $1275 to $1750, one bedrooms from $1,645 to $1,908, and two bedrooms from $1,905 to $2,150, the report said.

"There's not a lot of large inventory in Bushwick — it's mainly smaller configured apartments with multiple bedrooms which drives up the price-per-foot," Barrocas previously said about the neighborhood, which saw a shocking 20 percent increase in just one month this winter that slightly leveled out the following month.

As for Greenpoint's price trends, Barrocas said the boom was just getting started — not surprising for most local residents who have already felt the pinch.

"I don't know if you'll see that again," he said of the 20 percent leap, "but you'll definitely be seeing continuous growth."

 

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