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Real estate developers eyeing East New York

Posted: 10:40 PM, Sep 29, 2014
Updated: 2014-09-29 22:42:32-04

EAST NEW YORK, Brooklyn (PIX11) -- Residents and real estate agents in the East New York neighborhood of Brooklyn believe developers are moving in and purchasing property, dramatically raising prices.

"Land is starting to be speculated at 2-3 times what it was going for in just the last year," said Kyle McCullers, a salesperson with Citi Habitats.

Last Spring Mayor Bill de Blasio announced the city would help build or sustain 200,000 affordable housing units in the five boroughs, with construction starting in East New York.

McCullers believes developers may be purchasing land hoping to benefit from an uptick in funds to build in the area.

"Once you get new development and developers have to cover their cost, what they perceive to be low rent may not be low rent for the folks who are from the neighborhood," McCullers explained.