Apartment rentals New York with Brooklyn Rentals

Years of construction on Brooklyn’s massive development in Downtown Brooklyn, City Point has finally completed. Its residential tower is up and has already hit the market.

Rendering of The Hamilton’s facade

The Hamilton, as the building will come to be known upon completion, is located at 968 60th Street in Borough Park, the home of a building that was used as a fully functional factory for many decades, but is now being converted by Halcyon Management Group. Currently expected to be completed in the latter half of 2016, the project is the work of renowned architect, Karl Fischer.

It seems that in Manhattan, a new tall, glassy building appears to be racing towards the sky every minute. While this isn’t exactly the case, the planning and production rate of these buildings does occur at a steady pace.

Last Thursday, Elliman released their monthly rentals report, and as expected, rents increased across the board. Manhattan, Brooklyn, and Queens are seeing greater market competition for studios, one-, and two-bedrooms, which pushed rents higher.

Zillow calculated the average rents in the nation’s biggest metropolitan markets for 2014, and the NYC area doesn’t even rank in the highest five (pretty not bad for the country's most livable city).  As has been reported previously, California rents topped the list, occupying four out of the top five spots.  Curiously, San Francisco’s average ($1,598), which in previous months had beat out New York’s ($1,228), was actually the second highest — the region with the highest rents was actually San Jose, which was calculated to have an average monthly rent of $1,807.