Recently the New York Times did an article about the changing face of the Crown Heights neighborhood in Brooklyn. The changes in Crown Heights reflect what is happening all over Brooklyn.
Brooklyn has much to offer residents and visitors alike. There is a thriving arts community as well as a cultural scene centered in the Brooklyn Academy of Music. The dozen or so universities in the area also make the area very appealing. The new Barclays Center is attracting top entertainment talent and is part of a large area called the Atlantic Yards. This area is being developed to include residential, business and retail establishments.
Lately, the community has begun attracting hotel developers including full service upscale hotels. Tourists certainly need hotel rooms, but right now it is mainly companies who sometimes need thousands of rooms per year for business meetings, etc.
In addition, many, many of the people who are staying are literally just guests of all the people moving to and residing in Brooklyn. They consist of extended friends and family that need places to stay. Visitors are drawn to the lower prices in Brooklyn, which is a mere train ride away from Manhattan. The average daily rate for a room is $167.96, while in Manhattan it would be $261.29.
One of the other reasons for the surge in hotel development in Brooklyn is that while land is about 50% less expensive than in Manhattan, land in Manhattan is also getting quite scarce.
According to NYC & Company, the city’s official marketing and tourism organization, 53 of the hotels that opened in New York City from January 2011 to June 2014, were in Brooklyn. By 2016, Brooklyn expects to open 8 more.
As with my first article about Brooklyn, I want to bring people’s attention to the fact that Brooklyn is a good area for those who are interested in living here or investing in it and getting involved at that level. And right now it is an especially good place to invest in the hotel and accommodation business.
Mendy Lipsker
Mendy Realty Inc.
822 Montgomery St
Brooklyn, NY 11213
Phone: 646.662.5454
email: info@mendyrealty.com
website: mendyrealty.com
