New York Observer
Has Brooklyn peaked? Not by a long shot, judging by the influx of high-end residential development. “In general, what’s coming on the market now is a more sophisticated product,” Brendan Aguayo, the managing director at Halstead Property Development Marketing, told the Observer. “It’s trying to introduce a higher caliber product, and these new units are a bit larger than what’s typically found in the Brooklyn market.”
For Aguayo, there’s only one neighborhood in Brooklyn that’s going to see a larger number of foreign residents.
“In downtown Brooklyn, we do see a heavy contingent of foreign buyers—either as a pied-à-terre, investment or for their kids,” he noted. “From an outside perspective, downtown Brooklyn is becoming a 24-hour live-and-work neighborhood, which is seen as very sexy.”