On Friday the Federal Reserve Bank of New York released data listing how many subprime loans there were in New York state in October (broken down by zip code) and how many of those loans were in foreclosure. Bottom line? Bad news for Brooklyn, especially in the zip codes that include Crown Heights, Bedford-Stuyvesant, East New York, Williamsburg, and Bushwick. As reported in the Daily News, there were foreclosure proceedings under way for 25 percent of homeowners with subprime mortgages in 11233, which covers Bedford-Stuyvesant and Crown Heights. That subprime foreclosure rate is almost four times the national average of 6.89 percent. As the chart above shows, subprime foreclosure rates were also high in other Bed-Stuy/Crown Heights codes (11212, 11213, 11216, and 11238). The data also shows that 435 homes with subprime loans in East New York were in foreclosure. Foreclosure rates on properties in the zip codes covering Williamsburg and Bushwick, meanwhile, were also high (though the total number of subprime loans in those Zips was smaller than in Bed-Stuy, Crown Heights and East New York): 22 percent of homes with subprime loans in the 11221 Zip code were in foreclosure.
Brooklyn Neighborhoods Top Subprime Foreclosures in Nation [NY Daily News]
New York Fed Releases Zip Code Level Data on Nonprime Mortgages [NY Fed]
Brooklyn, one building at a time. Name: Semi-detached row houses Address: 1238-1254 Lincoln Place Cross Streets: Troy and Schenectady Avenues Neighborhood: Crown Heights North Year Built: late teens, early 1920s Architectural Style: Vaguely Mediterranean Architect: Unknown Landmarked: No The story: By the first two decades of the 20th century, housing was at a crossroads in […]
A San Francisco-based co-working space called Makeshift Society is opening a location in Williamsburg on the first two floors of a converted warehouse at 55 Hope Street. Makeshift’s Brooklyn spot occupies 4,000 square feet across both floors and offers 17-foot ceilings, open seating and dedicated studio desks. It will also have a creative tool lending library […]
Here the developers have gutted a small one-family and turned it into three small open-plan apartments, each with two bedrooms. (The listing says there’s an owner’s duplex, but going by the floor plan, it seems to be referring to the cellar.) Some charm still remains in the form of beautiful fireplaces and the exterior, which has […]
This two-bedroom, two-bath triplex in a Park Slope conversion has an airy feel with two terraces and a roof deck and an interesting mezzanine space. There’s also plenty of room for a home office or two and walk-in closets for both bedrooms. We’re a little puzzled by the floor plan, however, which seems to chop […]
This three-bedroom, two-bath duplex in a Prospect Lefferts Gardens house looks large and well-cared for. The 1,500-square-foot pad has an updated eat-in kitchen with a dishwasher, and both bathrooms appear to be in good shape although not renovated recently. The house also has a screened-in porch, shared backyard, and parking for an additional fee. It’s […]