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]
Grocery mogul John Catsimatidis’ real estate firm Red Apple Group has released renderings for 180 Myrtle Avenue, one of at least three large developments, all clustered together, it is building in Fort Greene. NY YIMBY found the renderings, designed by Dattner Architects. The renderings show a large, boxy building whose design elements are formed by intersecting rectangles of […]
A new boutique condo development has hit the market at 1329 East 17th Street in Midwood, with one-bedrooms starting at $399,000. The Graystone has “one bedrooms plus home offices,” according to the Aptsandlofts listing. There are currently five units on the market at the six-story building, which has a common roof deck. Each apartment is about 815 […]
Real estate investment firm LIVWRK Holdings is in contract to buy an industrial building in Red hook for $21,500,000, which it plans to convert into offices and “creative spaces,” The Real Deal reported. The renovated property should be ready for move-in by mid-2015, the firm estimated. Located right at the entrance to the Brooklyn Battery […]
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