So says Business Week, plucking out neighborhoods primed for gentrification/good bargains where the next Soho could emerge. “Artists turned around Soho and the Lower East Side of Manhattan in the 1960s, ’70s, and ’80s, and then Brooklyn’s Williamsburg in the 1990s. Now you’ll find them in Bushwick,” they write. They track down a neighborhood landlord named Andrew Cray, whose five-year-old properties have doubled in worth. “He owns five houses, which he rents to artists and other young people with low-paying jobs who are often living in New York City for the first time. Crime has dropped dramatically and activity is buzzing around the Morgan Avenue subway stop, the closest stop to Manhattan on the L train.” Um, isn’t that Bedford, actually? “A natural foods store, a brick-oven pizza place, cafÃ©s, and art studios have popped up to serve the changing community. The yuppies haven’t arrived yet, but they will, Cray said.” Hard to say if that’s a wistful longing for yuppies, or dread.
Up and Coming Neighborhoods [BusinessWeek]
Bushwick Storm. Photo by hive.
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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