New arena strengthening Brooklyn real estate
People hoping to buy real estate in New York, NY, might want to consider expediting the process, as both residential and commercial developers are showing invigorated excitement to acquire local property, especially in Brooklyn.
This mertro's lots are seeing a large increase in interest from developers, accounting for almost 17 percent of the city's total, according to Bloomberg. Most of these deals are in the neighborhoods of Williamstown, Greenpoint and downtown Brooklyn.
One of the driving forces of this trend is the development of Barclays Center, the massive basketball arena that will soon house the freshly minted Brooklyn Nets. Many expect the incentive to own commercial and private property will increase as the venue matures.
"People will be able to say, 'I live a block from Barclay's Center,'" Louis Greco, a Brooklyn developer, told The New York Times.
Indeed, the new sports complex could exert a large influence over the surrounding real estate, likely causing its value to rise in the coming months and years.
"People will look at Brooklyn very differently when the arena opens," Douglas Steiner, another local developer, told the news source. He believes that the borough's "center of gravity" will likely shift to surround the new complex.