In Brooklyn, While Big Waits, Small Moves Ahead

From WSJ writer Joseph de Avila: "Like projects in many sections of Brooklyn, numerous condo developments planned for Bedford-Stuyvesant and Clinton Hill got caught up in the financial crisis and were never finished. But while many of those plans remain in limbo, some smaller developments are on the horizon for the two neighborhoods.  Lenders remain skittish about funding large condo projects in Brooklyn.  The expiration of a popular city tax break for new construction has also made larger condo developments difficult to get built, driving some developers to smaller projects.  Townhomes, however, are less costly and easier to finance. 'The primary appetite for land we are seeing is for townhome development,' said Michael Amirkhanian, director of sales at Massey Knakal Realty Services.  Construction is nearly complete on five townhomes on Stockton Street [pictured] in the Bedford-Stuyvesant section of Brooklyn."  Full article here.  (Photo credit: Philip Montgomery.)