2019 Only Brooklyn Conference Recap

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2019 Only Brooklyn Conference Recap

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Borough Park

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Borough Park at a Glance

Borough Park, one of Brooklyn’s oldest neighborhoods, is currently experiencing a large amount of population growth, but for different reasons than other areas in the borough. Rather than seeing the influx of new residents moving in, Borough Park is experiencing a growth in the size of the families that already live in the area, and these new family members are growing and making the decision to move out but stay local. Borough Park also saw 28,000 new jobs develop between 2009 and 2017, coming at about a 72% increase. The expansion of Maimonides Hospital and several other development projects have certainly contributed to the job and residential influx. The neighborhood is a largely orthodox community with many retail stores and restaurants catering to the community. The neighborhood is serviced by the D trains and several busses as well.

Borough Park is home to one of the largest Orthodox Jewish communities outside of Israel

The Stella and Joseph Payson Birthing Center, Maimonides handles more births than any other hospital in New York State

Nicknamed “Baby Boom Capital” because of high birth rate - most recently 27.9% in 2015

Residential Market: 2018

Avg Residential Rent

$1,898

Avg Price for Condo Sellouts

$298,000

Approx No. of Residential Units in the Development Pipeline

39

Investment Sales: 2018

Total Dollar Volume of Investment Sales

$233,133,008

Avg Industrial/Office Sale PPSF

$503

Avg Multifamily Sale PPSF

$266

Avg Retail/Mixed-Use Sale PPSF

$450

Avg Development Site Sale PPBSF

$207

Additional Demographics: 2015

Avg Household Income

$59,743

Total Population

249,139

Employment Growth (2009-2017)

+72% (28,000)

Transportation

Subways

d
f
n

Buses

B8 B9 B11 B16 B35 B110

Neighborhood Vibes

The main commercial corridor of Borough Park, Thirteenth Avenue, is home to many locally owned shops with long-time family ownership. Many of these stores cater to the Orthodox Jewish community of the area, attracting the loyalty of the neighborhood residents, while also bringing in customers from all parts of the city and other states.

Glatt a la Carte

A highly-acclaimed upscale kosher steakhouse

The Living Torah Museum

This is a group of Orthodox Jewish Museums featuring exhibits and artifacts - this is only location in Brooklyn

Neighborhood Attractions

Nicholas A. Brizzi Playground
Kitchen Couture
Munch N' Lunch
Cheese D-Lox
Alben Square
The Living Torah Museum

Related Neighborhoods

Crown Heights
East Flatbush
Flatbush
Kensington & Parkville
Lefferts Gardens
Midwood/Flatlands

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Brooklyn, NY 11238
718.768.6888
info@terracrg.com

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