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With Manhattan Nearing Build-Out, Developers Eye S.I., Brooklyn

NEW YORK CITY-Given only 4% of unimproved land left in the borough, officials from Massey Knakal said at a press briefing on Tuesday that the outer-boroughs — particularly, Staten Island, Brooklyn and Queens — are the target for investors.

By Jacqueline Hlavenka | Updated on October 16, 2012

NEW YORK CITY-A mass exodus of Escape From New York-style proportions may soon be coming to life — for investors, that is. As the amount of buildable square footage in Manhattan continues to slim down, developers are jumping ship for opportunities in the city’s outer-boroughs – particularly in emerging neighborhoods like the St. George waterfront on Staten Island and Downtown Brooklyn – where land is more plentiful and opportunity for yield is greater, officials from Massey Knakal Realty Services explained during the firm’s third quarter press briefing on Tuesday.

According to research from Property Shark cited by MK, Manhattan has approximately 4% of unimproved land for its total length of 23 square miles, compared to Staten Island, which has 18% of available land across 58 square miles; Queens with 8% and 109 square miles; and Brooklyn at 7% and 71 square miles.

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