Real Estate Boom To Hit Brooklyn During L Train Shutdown

WILLIAMSBURG, BROOKLYN -- An oncoming real estate boom could bring 20,000 new residents to northern Brooklyn just in time for the L train shutdown, real estate analysts found.

The majority of 31,000 new apartments slated to go up in New York City over the next two years will be built in just five neighborhoods that include Williamsburg, Greenpoint and Bushwick, according to a Localize.city report.

Nearly 60 percent of those new apartments will be built in Williamsburg, Bushwick and Long Island City, according to Localize.city's data science team, which analyzed tens of thousands of current permit applications for their report.

Analysts estimated Williamsburg, Greenpoint and Bushwick could see 20,000 more residents moving into nearly 8,000 new units just as the MTA closes the Canarsie Tunnel for 15 months to make post-Hurricane Sandy repairs.

Greenpoint could see the largest leap in new units, thanks to the Greenpoint Landing project, a billion-dollar mega-development which will increase the number of apartments being built by 2,600 percent.

Long Island City came in first with 6,374 expected units, Williamsburg second with 3,470, Bushwick third with 2,537 and Greenpoint fourth with 2,017.

Six out of the top ten neighborhoods for new units were in Brooklyn, with Bed-Stuy, Flatbush and Crown Heights coming in fifth, seventh and ninth, respectively.

Read the full report here.

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