Is Greenpoint the Next Williamsburg?
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Greenpoint’s on pace to add 8,000 new apartments over the next 10 years. Condo prices now top $1k/SF and townhomes are selling for up to $2.5M. Rising rents and condo prices mean Greenpoint will benefit from the 2005 rezoning that helped waterfront development take off in Williamsburg but not in its neighbor to the north, the NY Post reports. L+M Development’s 5,500-unit Greenpoint Landing broke ground last year. And there are a slew of other projects in the pipeline. In August, British private equity firm Quadrum Global dropped $45.5M for a 179k SF plot zoned for 430k SF. RealDirect CEO Doug Perlson tells the Post that part of the reason for tight inventory is that owners have been waiting for the big multifamily developments to drive up prices before they sell. [NY Post]