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