Law360
March.13.2013
This article, about real estate development in New York City's outer boroughs, quotes real estate partner Rachel Gould.
Gould stated that land in the whole of Brooklyn -- currently the star outer borough in terms of real estate development -- is trading at about a 65 percent discount when compared with Manhattan, while rents are only about a 20 percent discount.
“It's a recipe for great development deals, and about 70 percent of new rental development is expected to take place in Brooklyn and Queens over the next several years,” Gould said.
"Things are changing, and in order to take advantage of these huge discounts, people are more open-minded today," she said. Developers who traditionally might focus only on Manhattan are "finally opening their eyes to it and seeing that [Brooklyn is] still very accessible."