New Developments Drive Up Rents Around Barclays Center: Study

BROOKLYN, NY — Park Slope renters already battling rising prices this year will spend even more if they choose to live near a major transit hub — and new massive apartment complexes are only making matters worse, according to a new study.

Apartment prices near the city's major transit hubs, and almost all subway stops for that matter, have skyrocketed as a post-pandemic market spikes rents citywide, according to a new study from RentHop.

Parts of Park Slope saw some of the largest increases, with prices soaring 30 percent or more near the Atlantic Avenue-Barclays Center station this year, according to the study, amounting to $3,775 per-month on average for a one-bedroom apartment.

Further south, rents are cheaper on average, but prices have still increased. On the border of Park Slope and Gowanus, for instance, near both the Union Street and Fourth Avenue-Ninth Street stations (both on Fourth Avenue), princes have soared nearly 30 percent, with one-bedroom rents topping out at over $3,000 on average, too, the study found.

Rents by the Bergen Street station on Flatbush Avenue have risen nearly 22 percent to $3,225 per-month on average for a one-bedroom, according to the study — all data that also conforms with other recent housing reports.

The rent hikes were also in part driven by massive new apartment complexes built as part of the 26-acre Pacific Park project, which stretches between Prospect Heights and Fort Greene and was previously called Atlantic Yards, according to the researchers.

"In Brooklyn, one-bedroom median rent rose 21.7% at Bergen St ... and 30.5% at Atlantic Av – Barclay Center, partially due to two major new developments, 662 Pacific Street and 18 Sixth Avenue in Prospect Heights," researchers wrote.

In both buildings — known as Plank Road and Brooklyn Crossing, respectively — it costs around $3,650 per month to rent a one bedroom apartment, according to RentHop. The complexes have each set aside units for the city's affordable housing lottery, though the price-point for those is still relatively high.

Pacific Park has been criticized for its failure to deliver affordable housing and infrastructure upgrades promised in the original plans.

Specifically, developers of Pacific Park had signed on in 2014 to creating 2,250 affordable apartments by 2025 through a settlement spearheaded by BrooklynSpeaks. With the Brooklyn Crossing project launch, they are at less than half of that goal.

The rent hikes near Atlantic Avenue-Barclays Center come amid a citywide surge in rent prices.

The spikes come as deals offered during the pandemic expire, leaving record-high rent prices, low inventory and very few concessions for the rest of the year, according to a recent StreetEasy report.

Still, RentHop researchers advise choosing a location wisely, as not all increases are the same.

Here's a look at what subway stops saw prices rise the most: