Brooklyn continues to transform with new developments in every corner of the borough

Across the city, developers are constructing buildings at break-neck speed. In no time, an empty lot is transformed into an impressive edifice that serves to accommodate the burgeoning masses who call this city home. In the very recent past, Brooklyn has also enjoyed new additions to its skyline. Brooklyn continues to be transformed with new developments occurring in almost every corner of the borough. Most neighborhoods are welcoming these changes, particularly in communities historically plagued with less-than-stellar reputations. Neighborhoods like East Flatbush have witnessed such a welcomed gentrification. Currently, along the Flatbush corridor (south of Empire Blvd.) a number of developments are under way that will alter the face of the neighborhood and help it overcome its notorious reputation for violence. In Prospect-Lefferts Garden, 510 Flatbush Ave. and 31 Lincoln Rd. together sold for $6.5 million, which translates to $36 per buildable s/f. The package consists of two tax lots on a total of 26,282 s/f with street access from both Flatbush Ave. and Lincoln Rd. The development site plans to allow for 86 residential units, as well as retail space, a community facility, and a large parking garage with over 100 spots. Four blocks south, 626 Flatbush Ave. traded for $2.7 million and is also next in line to re-face Prospect-Lefferts Garden and East Flatbush. The 179,769 s/f Hudson, Inc. development site will boast a 23-story mixed-use building consisting of 254 mixed-income residential units, with 80% of the units priced at market rate and the remaining 20% rent-regulated. The site will also include 4,000 s/f of retail space and 3,000 s/f of community facilities that will be located on the second floor. The project was temporarily halted with a restraining order due to a community leaders' disapproval, but after careful review from the Housing Finance Authority and a judge who weighed the environmental consequences of building the development, Hudson was cleared to continue construction. Other neighborhoods following the lead of Prospect-Lefferts Garden (East Flatbush) are Bedford Stuyvesant and Crown Heights. Bedford Stuyvesant has become one of the fastest growing neighborhoods in Brooklyn and it is changing quite dramatically. Statistics have shown a population increase of over 19%, up from 59,227 in 2000 to 70,713 by 2010, and the growth is showing no sign of slowing down. This rapid growth is buoyed by new housing developments such as The Acacia located on 1560 Fulton St. The Acacia is a fresh, $45 million mixed-use development project that was constructed under former mayor Bloomberg's new housing marketplace plan. The 9-story 99,600 s/f site includes 105 luxury apartments for low to middle income families and over 9,600 s/f of retail space. Another newly constructed property that has gone up in the area is 902-908 Bedford Ave. The 9-story 65,000 s/f development, consisting of 43 apartments was purchased for $18.2 million, or $280 per buildable s/f. Then there's Crown Heights. The area has also enjoyed steady population growth in the last two to three years. The surge of young professionals who have made their way to the area are being followed by a second wave of their contemporaries also looking to make Crown Heights their home. To keep up with the increasing population in the area, 1,250 units (a mix of condos and luxury rentals) in about two dozen residential projects are being planned for the neighborhood. Developers are wasting no time taking advantage of the abandoned and underutilized industrial buildings in the area to transform them into new housing. Dennis Gelin is a senior associate at Azad Property Group, New York, N.Y.