We’ve known about the impending “injection of luxury” slated for Bushwick– the three- and four-story types have been popping up for a while now, and emerging residential plans are starting to look more and more like the glassy condominium buildings and fancy new high-rises of the Williamsburg waterfront and Lower East Side. The neighborhood got its very first boutique hotel earlier this year and continues to see the development of fancy-dorm-like compounds, Colony 1209 for one. Hell, Bushwick’s even getting its very own “European Village” (although not everyone’s ready to welcome the newcomers’ plans to “interrupt” the current order).
NYC real estate firm Douglas Elliman published a report this morning, showing that the development boom in New York City has had a significant impact on the real estate market. According to the report, the available housing stock has increased dramatically over the last year: the listing inventory for rentals in Brooklyn went up by 29.6 and just slightly more in Manhattan that saw a 30.3 percent increase in the last year.