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Tuesday, June 25, 2024

NYers Heading to Downtown Bklyn as Growing Residential Hub

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By: Sasha Wallach

People – upscale people, at that — want to live in downtown Brooklyn again.

“Anyone who comes to Downtown Brooklyn remarks how the skyline has changed dramatically over the past eight years,” Jamie Anthony, a principal at Lonicera Partners, told Crain’s New York. “There’s so much more high-density residential development.” His firm has developed more than a dozen projects in the area over the past eight years.

Apartments at Lonicera’s The Symon, a 59-unit luxury condo building at 70 Schermerhorn Street, went on the market last week. The starting price is $795,000.

The 13-story project has 59 one- to four-bedroom units, according to ny.curbed.com. “The name was inspired by a very New York personality: Symon Schermerhorn, who was the patriarch of the family of the same name—he’s known for his involvement in the Schenectady massacre, and the family went on to have a long history in the borough. While Colberg Architecture is the project architect, Studio DB designed both the building’s exteriors and interiors. The project’s facade features hand-laid brick, arched windows, and a canopied entrance.”

“Our vision for The Symon is deeply rooted in the rich story of Brooklyn Heights,” Britt and Damian Zunino of Studio DB said in a statement. “We drew inspiration from historic buildings and elements throughout the neighborhood, while infusing contemporary details throughout.”

Rezoning undertaken back in 2004 was designed to spur commercial development. Two years later, Crain’s noted, a report from Brooklyn Borough President Eric Adams’ office “concluded that more than 11,000 housing units had gone up in the area in the first dozen years since the rezoning, while the city had anticipated only 979. Meanwhile, the 1.3 million square feet of commercial property developed fell far short of the anticipated 4.6 million.

The Brooklyn rental market, “which has seen a record influx of new rentals in recent years, is starting to stabilize,” reported bisnow.com. “Facing stiff competition, many landlords were offering free rent and other concessions to get leases signed. But the number of new units becoming available started to slow down last year, and this year has seen a sharp decline, according to Nancy Packes Data Services. “It’s welcome news to everyone that we were able to absorb what was a 50-year high in supply and keep rents growing — it’s a testament to the strength of the market,” said company President Nancy Packes. “We think the majority of supply is now behind us, so it’s very favorable for the rental market.”

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