Bloom Apartment for Rent in Downtown Brooklyn

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A view of new building developments in downtown Brooklyn. Four high-rise apartment buildings are rented in the region and report high demand.


Photo:

Epics / Getty Images

Despite intense competition, new high-rise rental developments in and around downtown Brooklyn are reporting strong rental activity this spring.

Four buildings with around 2,000 affordable and market-priced apartments started renting around the second half of last year. Two buildings, 300 Ashland for the Brooklyn Academy of Music and The Ashland a few blocks away, said they rented more than 60% of their apartments at market prices.

In a third, at 461 Dean Street, more than half of the market-priced units were leased despite a series of rent increases, said Ashley Cotton, executive vice president of Forest City Ratner Cos.

Buildings in the area initially offered large concessions of at least two months of free rent on a one-year lease, but as the market strengthened that amount usually fell to one month.

Proximity to buildings helped increase rentals, said Christopher Jaskiewicz, COO of Gotham Organization Inc., which built The Ashland, as people were looking at multiple buildings at the same time.

“The fact that we are all there, we have helped each other,” he said.

At 300 Ashland, Rebecca Epstein, director of residential leasing at Two Trees Management Co, which built the 35-story tower, said she plans to lease the entire building by fall. “The pace has exceeded our expectations,” she said.

Write to Josh Barbanel at [email protected]

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