Western Brooklyn

Report: Southwest Brooklyn Is Officially Up-And-Coming

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When it comes to the commercial real estate market, Southwest Brooklyn is booming, and it’s about to get even bigger.

According to a report set to be released this week by Massey Knakal Realty Services, building sales in Southwest Brooklyn are expected to rise by 57 percent in the next year.

The Commercial Observer reports:

While neighborhoods like Sunset Park, Bensonhurst, Bay Ridge and eight other areas within southwest Brooklyn don’t receive the same hype as other areas such as Williamsburg or Downtown Brooklyn, the southwestern portion of the borough have accounted for 25 percent of the total buildings sold and 18 percent of the total sales figures for the borough, figures from the report say.

One reason for this growth, Massey Knakal’s vice president for research Adrian Mercado told the Commercial Observer, is the growing Asian-American populations in Sunset Park and Bensonhurst, that has attracted Asian investments.

Earlier this month we wrote about the massive hotel and mall planned on 6208 Eighth Avenue, on the border of Sunset Park and Dyker Heights, and a Cropsey Avenue nursing home which will be turned into a 24-story condo tower — both by Chinese developers.

Here’s a graph illustrating the dramatic rise in building sales:

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Annual southwest Brooklyn sales transactions. (Massey Knakal)

But is the impending real estate boom good for Bensonhurst? Share your thoughts in the comments below.

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9 COMMENTS

  1. […] is now a million dollars. Great! [Curbed] Prospect Park, goat heads and gentrification [The Awl] Real estate’s Eye of Sauron dooms Southwest Brooklyn as “up-and-coming” [Bensonhurst Bean] City not focusing on weed arrests calmly compared to “the end of civilized […]

  2. This upsets me really. I grew up here. It always had a home feel to it. When I go back to the neighborhood now – it’s like I can barely recognize it. It’s loosing all its charm. To hear it is up and coming and developers are looking at it means that the end is near.

  3. stop using 2014 data to project 2017 growth! buildings sold this year is actually a lot less than two years ago, even thought inventory is up.

  4. It is people like you that are ruining this neighborhood. Have some class, get educated…consider yourself reported, you ignoramus.

  5. Not many “gooks” around here. Mostly Chinese, not quite as many Koreans, Filipinos or Vietnamese. And if by “ruined”, you mean raised property values through the roof, raised test scores at our local public schools, and revived several dead or dying shopping strips, then by all means, let them ruin it some more.

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