May 16, 2018

Wait, rent concessions in Brooklyn are going down now?

Despite month after month of record-high concessions in Brooklyn, Sugar Hill Capital Partners co-founder David Schwartz said at a panel on Wednesday that his company was actually starting to see them go down.

“Recently, we started to see rents stabilize,” Schwartz said. “It doesn’t mean we’re not having to give concessions, but even the amount of concessions that we have to give is starting to decline.”

Schwartz sat on a panel with Duke Properties CEO Albert Dweck, Benchmark Real Estate Group co-founder Jordan Vogel and TerraCRG broker Adam Hess at TerraCRG’s Only Brooklyn event on Wednesday, where they discussed the borough’s multifamily market. The conversation touched on issues ranging from concessions to co-living to the perennial question of the borough’s next hot neighborhood.

Read more here.