One of The Best Investment Opportunities in Brooklyn Yet
Once in a generation, a building comes along that changes our perspective. A building that creates bold new horizons, promises new beginnings, and sets standards that others can only hope to follow. Rarer still is the opportunity to call this building home.
Fig.1: The Brooklyn Tower, 9 Dekalb
1. ONE OF NEW YORK’S FASTEST GROWING BOROUGHS
From 2010 to 2021, New York City led the rest of the state in terms of population growth. By absolute numbers, Brooklyn achieved the highest growth of any county in the state, remaining the largest borough by size of citizens.
2. RECORD PRICE GROWTH AND SALE VELOCITY IN 2021
Price trends continue to reach or approach record levels as witnessed over the past five years, along with heavy sales volume and stable listing inventory. In Q4 2021, the average sales price increased 11.7% annually to $1,178,237 and was 21.1% above the fourth quarter of 2019.
Additionally, the number of sales rose 19.4% year over year to 3,217 which was 26.4% above the same period in 2019 and the fifth straight quarter with an annual increase. The number of yearly sales reached their highest level in fourteen years and was 63.5% above 2020 results, indicating the significant scale of the market recovery.
3. RENTAL DEMAND REACHES ALL-TIME HIGHS
In December 2021, new lease signings rose year over year for the sixteenth consecutive month. Listing inventory fell at its highest annual rate on record as heavy leasing volume consumed listing inventory faster than it can be replaced.
4. NO FOREIGN BUYER STAMP DUTY TAX
As prime markets such as London, Hong Kong SAR, and Singapore continue to impose heavy foreign buyer stamp duty taxes, the U.S. has no stamp duty tax for foreign buyers, providing signification savings on transaction costs.
5. PUBLIC TRANSPORT ACCESSIBILITY
Downtown Brooklyn is one of the most connected neighborhoods in New York City. Offering a 10 minute commute to Manhattan and with access to 13 subway lines, 11 commuter trains via the Long Island Railroad and 22 Citi bike stations, the transportation access is unrivaled. Both JFK and LaGuardia Airports are quick drives away for domestic and international access.
Fig.2: Brooklyn Tower’s, Nexus of Transportation
6. TECHNOLOGY & ENTREPRENEURSHIP HUB
One exclusive attribute of Brooklyn is the availability of low-cost commercial space when compared to Manhattan. This paired with a growing population and young, entrepreneurial workforce has made Brooklyn an extremely attractive environment for start up’s, which in turn has contributed to its rapid business growth. Tech and entrepreneurship in Brooklyn is thriving and that is ever apparent in the Brooklyn Tech Triangle, a hub of innovation positioned in the neighborhoods of Downtown Brooklyn, DUMBO, and the Brooklyn Navy Yard featuring business HQs such as Etsy, Vice Media, and Food52.
7. CULTURE & HISTORY
Culturally diverse, Brooklyn has become a dining destination in itself thanks to its critically acclaimed restaurant scene. Home to celebrated galleries, museums, landmark architecture, music and entertainment venues, Brooklyn is an arts and cultural hub which offers a wealth of lifestyle options for all ages. One in four U.S. citizens have ancestors born in Brooklyn.
Fig.3: Fleet Street Residential Entry, The Brooklyn Tower
Brooklyn offers renowned options for both public & private education
at all levels. Downtown Brooklyn is surrounded by some of the top educational grade school institutions, such as the Packer Collegiate Institute, St. Ann’s School, Montessori Schools, and Brooklyn Friends. Brooklyn is also home to leading universities such as the Pratt Institute, Brooklyn College, Brooklyn Law, NYU College of Engineering, and NYU only a 20 minute subway ride via subway on the express line.
9. PUBLIC OPEN SPACE
Brooklyn is host to an abundance of parks and public open space. Fort Greene Park, Brooklyn Bridge Park, and Prospect Park are just three of the world-class green spaces that surround Downtown Brooklyn. Each one offers a broad range of amenities ranging from acres of lawn, waterfront access, recreation activities, sport fields, protected gardens, and wildlife preserves.
10. UNRIVALED CITY, RIVER, AND HARBOR VIEWS
Brooklyn offers breathtaking, unobstructed views of the Manhattan and Brooklyn skylines, New York Harbor, and the East River.
Fig.4: Fort Greene park
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