A few months before the credit crisis, 23 Caton Place was having financial trouble of its own. Perhaps it was a harbinger of what was to come, and a sign that Kensington would suffer when trouble reached beyond the neighborhood. The Real Deal reports this month on Kensington’s development woes. “Until the credit crunch, developers had zeroed in on a seven-square-block area in Kensington bounded by Fort Hamilton Parkway to the north, Coney Island Avenue to the east, Caton Avenue to the south and Ocean Parkway Service Road to the west.” Now, 23 Caton is an abandoned skeleton, 22 Caton’s in trouble, too, and other condo projects at “sluggish.” Not that it’s all bad news: prices are up 18 percent since 2005, and the area is being reviewed for a downzoning to prevent such overblown development in the future.
Merry-go-round Stops in Kensington [The Real Deal]
Photo by pscarman.