August 7, 2015

Ofer Cohen on Condo Scarcity in Brooklyn

Ofer Cohen, founder and president of TerraCRG, a commercial brokerage firm in Brooklyn, estimated that there will not be any noticeable improvement in the Brooklyn condo inventory for at least two or three years.

Brooklyn may be booming, but not with condos. The Real Deal has published a feature story with startling statistics about the borough’s lack of condominiums to meet buyer demand. In combing through records from the Department of Buildings, the Real Deal found that only 1,900 of the 23,700 Brooklyn units in development (across 137 projects) are slated to be condos.

Read more here.