Tobias Salinger | Commercial Observer
With Brooklyn’s stature in the city’s real estate industry no longer just an emerging trend, top policy makers and power brokers drew attention to transportation issues as critical to continuing real estate development in the world’s hottest borough today at the annual Massey Knakal Realty Services Brooklyn summit at the Brooklyn Museum.
Although many of the borough’s bustling areas already enjoy bus and subway connections, speakers who led off the day-long program referenced new approaches to the city’s parking requirements, potential novel ways to transport commuters between the boroughs and Manhattan and the need to ease congestion on the busy Lexington Avenue subway train. Mayor Bill de Blasio‘s administration checked in at the conference with pledges to beef up transit capacity between the neighborhoods of Brooklyn.
“We have to think about how to knit them together,” said city Economic Development Corporation President Kyle Kimball. “We’re, as part of this new administration, taking a hard look at new ways to move people around.”
The city and Downtown Brooklyn stakeholders need to address the overcrowded 4 and 5 trains currently running between Manhattan and the downtown area “in order to think about long-term growth,” Mr. Kimball added. The calls for increased transit options echo those from research showing that walkable, urban areas served by mass transit command a 206-percent rent premium over driving suburbs in the New York City area, the largest disparity of any metropolitan area in the country, according to a report released this summer by theGeorge Washington University School of Business. Both the attractiveness of transit-oriented development to young people and the nature of the city’s parking mandates for new developments are causing the new administration to examine what the mayor’s housing plan refers to as “stringent” car parking stipulations for new developments, said Alicia Glen, the deputy mayor for housing and economic development. Read more