Manhattan Seeing Residential Real Estate Boom

Manhattan Residential Real EstateEarly last year, Michael Weiss began attending tenant board meetings at the Brooklyner, Avalon Fort Greene and a handful of other luxury residential towers in downtown Brooklyn. In October, Mr. Weiss, director of the MetroTech Business Improvement District, threw the group’s first neighborhood block party on Bridge Street, with live music, rides and food. He is now organizing a community stoop sale on Lawrence Street that’s scheduled for May.

“We’ve got to keep our focus on new residents,” Mr. Weiss said. “They’re essential to our area’s growth.”

True, but that wasn’t the intention when the Department of City Planning approved a comprehensive redevelopment plan for downtown Brooklyn in 2004. What it envisioned was a commercial district full of glittering office towers. But downtown has become the borough’s fastest-growing residential neighborhood, and local officials are adjusting.

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