The quiet, tree-lined streets of Brooklyn Heights have long been among the most sought after for real estate in New York City. Its proximity to Manhattan and an abundance of historic architecture — some of it dating back more than 100 years — has helped the area command some of the highest prices in Brooklyn.
While the district has largely escaped the wave of property development that has gripped the rest of Brooklyn in recent years, a small building boom is now taking hold in a neighbourhood unaccustomed to large-scale projects.
According to CityRealty, a property-tracking company, at least six residential developments are in the construction or planning stages in Brooklyn Heights, set to bring more than 774 new homes to an area that measures just over a quarter of a square mile. Many of the new projects target the upper end of the market, where availability has traditionally been tight. “Low inventory has always been the biggest obstacle to buying real estate in places like Brooklyn Heights,” says Leslie Marshall, an estate agent at Corcoran’s local office. “Now there’s more development and that benefits the increasing number of buyers who want to be here.”