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Brooklyn's evolving real estate market is entering a pivotal phase, with innovative developments and emerging neighborhoods poised to dramatically influence the borough's trajectory. Such shifts are expected to have significant implications for the real estate industry, buyers, sellers, and the community at large. Neighborhoods such as downtown Brooklyn, Williamsburg, and Greenpoint continue to show momentum, as does the area around the Gowanus Canal. Other neighborhoods, such as Crown Heights and East New York, appear primed for growth following city and state initiatives. For the Mamdani administration to achieve its stated goal of significant new housing, however, development needs to extend further into the borough.
Brooklyn is well-positioned for development. With planning for the MTA's new light rail IBX line well underway, city planners are turning their focus to ways to encourage transit-oriented development around the planned stations. The other large announced growth opportunity is the Brooklyn Marine Terminal, envisioned as a 122-acre mixed-use industrial and residential waterfront development. Beyond that, Mayor Mamdani has mandated a top-to-bottom review of the city government's role in the development approval process to speed permitting, incentives, and capital spending. In particular, city officials are developing procedures for implementing City Charter reforms adopted by the voters last year to facilitate affordable housing development, including mixed-income housing that features Mandatory Inclusionary Housing designated units. See our previous alert on this topic here.
Our updated Brooklyn Development Roadmap highlights where some of these changes may lead us.
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