Wednesday, August 19, 2015

From City Realty: an analysis of new towers coming in Brooklyn, and a new view of Atlantic Yards/Pacific Park

A Brooklyn New Development Report from City Realty, which produces periodic market analyses, portrays "a crush of buildings with 20 or more units under construction, many of them rising 10 or more stories and dramatically changing the built environment." 

The report only covers Greenpoint in the north to Red Hook, Windsor Terrace, and Bushwick part of the way into Brooklyn.

As noted by Crain's, some roughly 5,800 new apartments in larger buildings projected to be built in 2017—more than double this year's estimate of 2,700.  This is far more than the than 3,200 units built in 2008. 

Among the buildings listed, and portrayed in the graphic below, are four that are part of Atlantic Yards/Pacific Park: 461 Dean Street (B2, modular, 50/50 rental); 38 Sixth Avenue (B3, affordable rental); 550 Vanderbilt (B11, condo); and 535 Carlton (B14, affordable rental). Note that the B12 condo building was also supposed to start soon.

One question is whether all the new product will make it tougher for the Atlantic Yards/Pacific Park buildings to stand out, or whether the boom in Brooklyn will keep sailing on.

Also note that City Realty, in the graphic below, has not only inserted the under-construction towers (numbers 1/2/3/4), but also included graphics representing the buildings to come.

The helicopter scale doesn't provide much context--the Atlantic Lots photo/graphic is better--but the graphic does suggest 1) Atlantic Yards/Pacific Park will be pretty darn big and 2) it will be seen as either relatively in scale or dramatically out of scale depending on perspective (from Downtown Brooklyn to the northwest vs. from Park Slope or Prospect Heights to the south and east).

Remember, as one architect observed candidly, it's a "preposterous amount of square footage."

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