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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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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