Real Estate
Spitzer, Now Building Rentals in Brooklyn, Bets on Perfect Views
- His 420 Kent project adds 857 units to Williamsburg waterfront
- Ex-governor says despite oversupply, ‘we’re going to do fine’
Former New York Governor Eliot Spitzer stands inside his under-construction Brooklyn rental project and takes in the view. There’s the panorama of Manhattan’s skyline to the front, the Williamsburg Bridge to the right. And to the right of that is a competitor’s mega-development promising 2,800 more apartments.
Spitzer, now head of his family’s real estate company, is building his first apartments at a time when other developers are also filling Brooklyn with rentals. He’s delivering 857 units across two towers in New York’s hippest and most populous borough, where the apartment supply has been expanding for two years and rents have declined in nine of the past 12 months.