"That charming brownstone feel is what people tend to like about Brooklyn, " said Anthony Dellecave, a broker with Citi Habitats, who specializes in Brooklyn.

WSJ: Brooklyn Is Set for a Building Boom

Citi Habitats broker Maria Ellis ran through the numbers.

WSJ: The Bronx Is Heating Up

Mr. Malin, the president of Citi Habitats, said the limited supply of new condominiums was a "drop in the bucket" that would do little to ease the pressure on record-high rents and low vacancy rates.

WSJ: Well-Heeled Renters Find Tight Market

Clifford Finn, president of new-development marketing at Citi Habitats, the agent for the building, said the building has attracted a class of renters who could afford to buy but choose to rent, largely for the views.

WSJ: Views From the Market Top

At New York by Geary, the 76-story tower on Spruce Street a few blocks from City Hall, 80% of the building is now taken, said Danny Charles, a spokesman for Citi Habitats, which is renting it out.

WSJ: Well-Heeled Renters Find Tight Market

The vacancy rate is around 1%, according to Citi Habitats, and new residential construction activity for the decade starting in 2010 is projected to be the slowest seen since the 1960s, according to the Real Estate Board of New York (REBNY).

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