WILL THE L TRAIN SHUTDOWN CREATE REAL DEALS IN WILLIAMSBURG?

Spectrum News NY1

Jeanine Ramirez
March 27, 2018

The "L" train shutdown does not start until next spring, but construction in Brooklyn has already started.

The MTA needs to repair the Canarsie Tunnel after flooding from Hurricane Sandy.

With crosswalks and sidewalks closed, and construction equipment lining the streets, there's concern about the impact on real estate in Williamsburg.

Brokers say rent prices have not dropped yet, but many deals are expected soon.

"Landlords will concede some more than others. If you're in the luxury rental market, absolutely. you're going to get everything handed to you. Months and months of concessions. No fees," said Walter Steffen of Nest Seekers.

As far as sales, brokers do not expect much to change since buyers are making a long-term investment.

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David Sokolowski David Sokolowski
Licensed Associate Real Estate Broker
Walter Steffen Walter Steffen
Licensed Real Estate Salesperson