Why investors are flocking to East New York

Affordable housing is where profits are currently penciling out, but questions are swirling about when the area will be ready for market-rate.

When Brooklyn’s East New York was rezoned in 2016, it touched off a real estate makeover.

That year, developers filed applications for 339 residential units. But in 2017 that number shot up by 284 percent to 1,303 units — many of them heavy on the affordable housing.

A handful of developers have gotten in on the ground floor.

Multifamily developer Radson Development is preparing projects for two vacant lots: one a 235-unit mixed-use, 12-story building on Linden Boulevard, the other a 521-unit affordable housing-and-retail complex on Loring Avenue.

Meanwhile, Monadnock Development, the East Brooklyn Congregations and the Department of Housing Preservation and Development filed plans in September for a 240-unit affordable rental development as part of the sprawling Nehemiah Spring Creek development, which sits on city-owned land adjacent to the Gateway Center shopping mall.

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