Brooklyn Building Boom Shows No Sign Of Slowing Down; Next 421A Tax Abatement Deadline Looms

December 31 marks the next deadline for real estate developers to file plans in time to qualify for a 421a tax abatement, which means that there will likely be a flurry of activity to get plans submitted. If it’s anything like what happened this May and June, when the previous June 15 deadline loomed, then Brooklyn is in for even more of a sustained building boom.

As shown by a compilation from The Real Deal, Brooklyn building permit applications jumped by 20 times (over 2,700 units) their post-deadline rate (135 units from June 16-30), with many of those processed landing in Downtown Brooklyn and our neighborhoods surrounding Barclays Center.

Forest City Ratner got the go-ahead on a 305-unit condo plan at 461 Dean Street. The tower, known as B2, is expected to be the world’s tallest modular structure when it is completed. That permit was issued on June 10.

Nearby, Real estate-cum-groceries mogul John Catsimatidis bagged permits for the 440-unit 86 Fleet Place in Downtown Brooklyn on June 2. Other notable DOB passport stamps include Silverstone Property-connected Madison Realty Capital, which got 120 units taken care of at 555 Waverly near Prospect Heights.

. . . June 9 was perhaps the busiest day of the year for the DOB, when 20 new building projects totaling over 1,600 units were initially approved.

On the actual deadline day, June 15, 925 Atlantic Avenue (between Washington and Grand Avenues) — the former site of a White Castle — got approval for a 96-unit building.

Do you think Brooklyn can sustain this continued development growth?