“We're pushing out into tertiary markets like Flatbush, East Flatbush, Bushwick and even Brownsville and East New York because other areas have become unavailable.”

Surprising areas are becoming favorable to investors following activity by residents and commercial spots, asserted Boaz Gilad, co-founder, Brookland Capital. “We have 11 projects in Bushwick and in Bedford Stuyvesant, we bought a building about a year and a half ago for $100 per square foot and we're now paying $200 per square foot for it.”

Those two areas, he declared, “are attracting young people who work in Manhattan, make a decent middle-class wage and who want to make a statement about the restaurants they want to go to, the art galleries they want to visit and the like.”

Some other surprising shifts are taking place in Brooklyn—and theyre not all good. “We're seeing fewer development sites trade; land prices are in a bubble,” contended Shorenstein. “Every building we've tried to sell or have sold recently is foreign buyers and it's getting harder to get someone to step up.”

Home buyers in Brooklyn, said Gilad,“are overbidding because there's no inventory. As the market calms down, will be more rentals and fewer condominiums.”

However, the city's push for affordable housing, coupled with the rezoning of many industrial areas, has Havens worried. “The thing that scares me is that they'll take industrial buildings out of service in place of affordable housing. If they go after commercial property, we're going to have a war on our hands.”