Who could’ve predicted this? Some folks—Marty Markowitz, for one—say notoriously downtrodden and crime-ridden East New York is undergoing a renaissance and could become “the new Harlem.” There’s been a lot of demand for home ownership options in the area, most notably at the massive condo conversion MeadowWood at Gateway, where prices range from $110,500 to $350,000. “There is no question that the neighborhoods with higher rates of home ownership have the greatest stability, schools and community services,” says Markowitz of how ENY is changing. “Brooklynites outside of the ‘Brownstone Belt’ don’t realize that we have an affordability issue in certain neighborhoods and we’re losing families to other areas such as New Jersey. We’re committed to not letting that happen.” Other developments are also boosting the sprawling neighborhood’s profile, including the Related Companies Gateway Center shopping mall, which has a Target, Home Depot, Best Buy, and a supermarket and is going to be expanded in coming years with more big-box retail. Another large ENY home-ownership project, Nehemiah Housing Complex, is also currently being built. The complex will bring more than 2,000 middle-income units to the neighborhoods, with prices starting at $158,000. “Every place has its time,” says Fillmore Real Estate’s John-Paul Ho, who heads the team selling MeadowWood. “Now it’s East New York. It’s like a Cinderella story for the entire area.”
Is East New York the New Harlem? [NY Daily News]
Photo by zachvs.