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Apartment Builds in the Boroughs Outpace Manhattan
The outer boroughs have surpassed Manhattan in multifamily development, the Wall Street Journal reported. Citing data from Nancy Packes Data Services, the WSJ reported that the number of new and converted apartments brought on line in Brooklyn last year exceeded those in Manhattan for the first time since 2009, and Queens is set to surpass Brooklyn in new projects by 2020.
A list of the city’s 10 fastest-developing neighborhoods, ranked by the number of units to be completed by 2020, includes only one in Manhattan—the Lower East Side—according to a study by Localize.city, the WSJ reported.
Development isn’t limited to apartments, either. Brooklyn and Queens are seeing more office projects, and Madison Realty Capital is converting a former commercial bakery in the South Bronx to office use.
“We started to see tenants being displaced” from other markets because of rising rents,” MRC’s Josh Zegen told the WSJ.
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