Developers have rushed into Brooklyn at a fierce pace over the
last several years, resulting in a surge in condo and rental
inventory, which now has some developers worried. With another wave
of new residential projects expected to hit the market over the
next three years, real estate industry professionals have to had to
think of innovative ways to generate sales, including strategic
incentives aimed at purchasers and the brokerage community.
The current rate of development and recent slump in sales have
sparked concern over how new inventory slated to debut in 2019 and
2020 will be absorbed.
Dennis Sughrue, a partner in Pryor
Cashman's Real Estate Group who frequently advises developers,
spoke to The Real Deal about how this influx of new residential
units is affecting Brooklyn developers.
