Brooklyn’s new growth pipeline is shrinking in additional methods than one.
Throughout New York Metropolis, new condominium stock has been on the decline, with prices for land, constructing and borrowing rising, in addition to a restricted variety of websites accessible. Brooklyn isn’t any exception — between 2026 and 2029, 30 percent fewer condos will hit the market on an annual common in comparison with the earlier decade.
Builders are additionally more and more turning to projects with fewer items for most of the identical causes holding them again from creating in any respect.
That pattern is clear in Brooklyn, the place to date in 2026, builders have filed plans for only one mission with 50 or extra items, in comparison with 5 in 2025, 12 in 2021 and 30 in 2018, based on information from Marketproof. In 2026, 71 p.c of recent condominium providing plans had been for buildings with fewer than 10 items.
In Brooklyn, the recognition of boutique condominium initiatives is partially as a result of these are the websites accessible. Naftali Group and Two Timber have already reworked the Williamsburg waterfront, whereas a lot of the event in Downtown Brooklyn is already properly underway.
Exterior of these areas, few of the borough’s prime neighborhoods — notably parts of Brownstone Brooklyn — are designed for the high-rise buildings that may accommodate a lot of items, and discovering a sufficiently big assemblage so as to add items with out peak can be a problem, based on Omri Bar-Mashiah, the co-founder of Minerva.
“Loads of these neighborhoods have been marked for historic preservation,” mentioned Bar-Mashiah, whose agency has a portfolio of boutique initiatives throughout neighborhoods reminiscent of Boerum Hill, Cobble Hill, Carroll Gardens and Park Slope, amongst others. “It’s tough to place collectively assemblages for bigger properties, even when they had been allowed.”
On the client aspect, buying a unit in a smaller mission usually comes with decrease month-to-month upkeep prices, as taxes are decrease and patrons aren’t paying for stacked amenity areas. However it’s not simply practicality driving patrons to the property sort.
“Bigger developments aren’t on these quintessential Brooklyn blocks,” mentioned Douglas Elliman’s Nadia Bartolucci, who leads the Bartolucci Crew. At smaller initiatives, “you’re extra prone to end up immersed within the neighborhood and group.”
“Patrons wish to be part of the group,” she mentioned. “They need all the things outdoors their door.”
Not so quick…
For years, New York Metropolis brokers have mentioned that co-ops have been loosening their notoriously stringent guidelines for patrons. However earlier this week, one vendor at a Park Avenue co-op dialed them up.
On Thursday, Compass’ Rachel Glazer posted on Instagram that earlier than viewing the residence, the vendor requested that her consumer, a potential purchaser, submit paperwork exhibiting liquid belongings exceeding 3 times the acquisition worth and a bio.
“By no means in my total life have I seen this,” Glazer mentioned, including that she has submitted purchaser bios earlier than however by no means financials.
Glazer mentioned the constructing was recognized for being powerful to get into, however the residence itself, asking $11 million, “wasn’t even such an costly residence” for her “nine-figure purchaser.”
“It’s not one of many ones you’re going to examine,” she mentioned.
Nonetheless, Glazer added that she did perceive the vendor’s need to restrict entry to the house to critical, certified patrons.
“We’ve got tons of looky-loos in our enterprise, and that’s annoying,” Glazer mentioned. “I’ve a sense that the vendor most likely had a nasty expertise earlier than.”
Glazer’s purchaser mentioned no to submitting the knowledge. However after posting about it on Instagram, Glazer heard again from the vendor: her purchaser will be capable to see the residence with out the additional paperwork.
NYC Deal of the Week
The priciest deal to hit town rolls this week was for a townhouse on the Higher East Facet, which bought for $13 million. The property at 111 East 81st Avenue, which final traded for $13.3 million in 2022, hit the market in Might asking $15 million.
The house spans 6,500 sq. ft and has 5 bedrooms and 4 bogs. It additionally options an elevator, health club and roof terrace.
Learn extra
New York’s new dev pipeline could bounce back this fall
How new dev is transforming the UES
Inside the small, competitive Park Slope condo market
New York developers are going small
