Abandoned Brooklyn: Property Developers Pull The Plug On A Once-Hot Market

[image url="http://static.businessinsider.com/image/4b15338a000000000026327a/image.jpg" link="http://www.businessinsider.com.au/abandoned-brooklyn-property-developers-pull-the-plug-on-once-hot-market-2009-12/508-humboldt-st-this-building-is-practically-done-and-yet-the-developers-gave-up-1" caption="" source="" alt="brooklyn condo" align="left" size="xlarge" nocrop="true" clear="true"]
A couple of years ago, the North Brooklyn property market was one of the hottest areas in a city that was one of the hottest in the country.

Developers and homeowners alike had visions of quick flips and quick fortunes.

But, contrary to some expectations, the area would not prove to be immune from the bust.

Not only have many developments proven to be a financial bust, many developers have cut and run, abandoning projects midway through development.

The Observer noted this trend on Summer.

The New York Department of Buildings keeps an updated list of “stalled” projects throughout the New York City.

This weekend, we set out to discover what these stalled projects look like.

Take the tour >>
Photo credit: Brooke Moreland

[slideshow]
[slide
permalink=”508-humboldt-st-this-building-is-practically-done-and-yet-the-developers-gave-up-1″
title=”508 Humboldt St: This building is practically done, and yet the developers gave up.”
content=”Photo credit: Brooke Moreland
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[slide
permalink=”all-they-had-to-do-was-complete-the-bottom-floor-2″
title=”All they had to do was complete the bottom floor”
content=”Photo credit: Brooke Moreland
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caption=””
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[slide
permalink=”310-humboldt-is-just-a-hole-between-two-houses-3″
title=”310 Humboldt is just a hole between two houses”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1527d800000000003eb5b4/image.jpg”
caption=””
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]
[slide
permalink=”a-huge-development-could-have-gone-up-at-36-conselyea-4″
title=”A huge development could have gone up at 36 Conselyea”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b15284e0000000000ee2bb3/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”but-right-now-its-just-an-empty-pit-5″
title=”But right now, it’s just an empty pit”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b152813000000000069f7b8/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”390-lorimer-is-extremely-closed-to-being-finished-6″
title=”390 Lorimer is extremely closed to being finished”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1528a700000000004a1249/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”and-it-looks-like-it-would-have-been-nice-and-glassy-7″
title=”And it looks like it would have been nice and glassy”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b15291700000000000344b1/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”298-rodney-is-an-abandoned-lot-8″
title=”298 Rodney is an abandoned lot”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1530360000000000dec914/image.jpg”
caption=””
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]
[slide
permalink=”maybe-its-because-developers-realized-that-property-right-under-a-bridge-wasnt-as-desirable-as-they-thought-9″
title=”Maybe it’s because developers realised that property right under a bridge wasn’t as desirable as they thought”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1530710000000000558d21/image.jpg”
caption=””
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]
[slide
permalink=”349-metropolitan-another-location-amazingly-close-to-being-finished-10″
title=”349 Metropolitan: another location amazingly close to being finished”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1530b000000000009a184c/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”367-wythe-is-right-in-the-heart-of-hipster-country-but-again-its-a-giant-hole-in-the-ground-11″
title=”367 Wythe is right in the heart of hipster country. But again, it’s a giant hole in the ground”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1530e5000000000074492e/image.jpg”
caption=””
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]
[slide
permalink=”elsewhere-on-wythe-developers-again-seem-to-have-erred-in-building-right-underneath-a-bridge-12″
title=”Elsewhere on Wythe, developers again seem to have erred in building right underneath a bridge”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1531d20000000000500e1b/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”120-north-12-is-about-half-done-13″
title=”120 North 12 is about half done”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b15333e00000000009223f2/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”55-eckford-is-now-just-a-beautiful-skeleton-of-a-building-14″
title=”55 Eckford is now just a beautiful skeleton of a building”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b15338a000000000026327a/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”at-least-55-eckford-is-being-used-for-car-parking-which-is-a-hot-nyc-commodity-15″
title=”At least 55 Eckford is being used for car parking, which is a hot NYC commodity”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1533eb0000000000a409eb/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”finally-were-sure-the-neighbors-at-265-eckford-arent-crazy-about-the-giant-hole-next-to-them-or-maybe-they-are-16″
title=”Finally, we’re sure the neighbours at 265 Eckford aren’t crazy about the giant hole next to them. Or maybe they are”
content=”Photo credit: Brooke Moreland
image=”http://static.businessinsider.com/image/4b1534380000000000ef1390/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”its-not-just-brooklyn-17″
title=”It’s not just Brooklyn”
content=”It’s not just Brooklyn that’s bad. Check out the abandoned office parks of Silicon Valley >>
image=”http://static.businessinsider.com/image/4ae8026a000000000086278c/image.jpg”
caption=””
credit=””
credit_href=””
]
[/slideshow]

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