Brooklyn is on the brink of another building boom.
After years of inactivity since the recession hit, the borough has seen a whopping 62.3 percent increase in new building permits issued this year. The city’s Buildings Department issued 112 permits for new Brooklyn construction projects from January through April, compared with 69 in the same period last year.
Much of the spike is due to more than 350 new units of housing in neighborhoods like Williamsburg and Bedford-Stuyvesant.
It’s not the wave of high-rise luxury condos that arrived in the years leading to the 2008 stock market crash. Instead, most of the planned housing consists of one- to three-family homes, and some permits are for projects that stalled after the recession.
Developer Abby Hamlin said an improved economy finally allowed her to secure financing to move forward with the second phase of brownstone-style, one-family town houses she’s building in Boerum Hill.
“The market is definitely getting much better for securing construction financing, but it’s not totally back,” said Hamlin, adding that lenders financed 80 percent of her construction costs for phase one but only agreed to finance 65 percent for phase two.
Other projects in the works include a 52-room hotel on Atlantic Avenue in Bedford-Stuyvesant, a 33-room hotel on Foster Avenue in Canarsie, and an athletic facility for St. Joseph’s College at Vanderbilt Avenue in Fort Greene, records show.
“New construction is coming back to Brooklyn in a big way, and that means more homes, more jobs and a stronger economy for New York City,” Buildings Commissioner Robert LiMandri said.
Brooklyn’s activity exceeded the rest of the city, where new building permits rose 8.5 percent from 412 to 447.
New construction permits in Manhattan jumped 169 percent, from 12 to 35.
Written by Rich Calder (New York Post). You can View the original of this Article here -> Click Here
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