Fourth Avenue: Gentrification or Ghettoization?
In this month’s Real Deal, our own Gabby Warshawer checks in on what was supposed to be the “new Park Avenue,” a rezoned 4th Avenue whose up-to-12-story buildings and subsequent creative entrepreneurialism would transform the hood. Well…not so fast. “Because of the credit crunch, a number of buildings that were initially planned as condos will…
In this month’s Real Deal, our own Gabby Warshawer checks in on what was supposed to be the “new Park Avenue,” a rezoned 4th Avenue whose up-to-12-story buildings and subsequent creative entrepreneurialism would transform the hood. Well…not so fast. “Because of the credit crunch, a number of buildings that were initially planned as condos will now come to market as rentals. The frenzied pace of construction of new residential projects should also slow, due to a dearth of easily developable lots,” they write. “In fact, development sites on the strip that are actually selling are fetching far less now than they were just a few years ago.” Those creative entrepreneurs can’t very well open retail in buildings that don’t have retail space, as is the case with many of the new mammoth structures. (Northern 4th Avenue, though, where fewer buildings have been razed and replaced, has a couple of retail hits with Sheep Station and the Ethiopian restaurant Ghenet). Those buildings that finished before the financial meltdown fared pretty well, though. The Argyle (a former advertiser) is 70 percent sold, and the Crest and Novo reported healthy sales, too.
Fourth Avenue on Slippery Slope [The Real Deal]
Kris is correct. An adjustment on the lights can easily solve the speeding part. This was done in Queens Blvd – aka the Blvd of Death. And 4th Ave is narrower and gets much less traffic than QB.
Whoops, I meant “BTW” not “BTQ”
The speeding could easily be curbed if the city were to change the timing of the lights along 4th Ave. As the area becomes more residential and has more pedestrians due to more retail, I think that would be likely. The avenue reminds me in some ways of W. Houston Street when I first moved there a couple of decades ago.
BTQ Sheep Station on 4th Ave and Douglass is my favorite pub – even though I live considerably closer to 7th and 5th Aves. The pub has great food, awesome beer, and a really nice decor and vibe. Check it out if you haven’t already!
You people are very impatient – as BH76 said – these things take decades to be fully realized.
The current buildings will beget residence who demand improvements – like landscaping – which will go a long long way to making 4th Avenue (And its current buildings) far more attractive and livable. As the foot traffic increases – retail will come in – (where else will you be able to get large contiguous space, near the subway and car traffic in Brownstone Brooklyn).
The retail and increased foot traffic will get more building in the next cycle and then the varied (and yes some ugly) architecture will look a lot nice and more interesting and finally end in 4th Ave being an appreciated (if not exactly coveted) address.
I do believe however the current developers did themselves a financial disservice by not putting in Retail right away.
I agree with polemicist (yikes!) on the median idea, having a speedway, which can be dangerous for drivers, let alone pedestrians and cyclists, does not help improve 4th Ave’s chances of becoming a residential destination.
As to the “ghetto” comment, I believe the point was to make ref to the 1980’s and early 1990’s glut of housing a dearth of buyers or median income renters. With no one to rent to, the default goes to the potential lowest common denominator. While things could spring back, 4th Ave could become not quite the type of housing the Borough Pres, nor Katan, were looking for in their grand schemes.
And can someone please do an article on the sustainability as the City is cutting programs, schools are overcrowded, utilities are overtaxed, etc? Perhaps some of these new developments can pay into that system, but that would be very capitalist of me to suggest, would it?
oh wow that commerce bank used to be a gas station? that’s my corner! (well my building is right off the parking lot of the commerce bank) last week they changed the signs and name of the bank from commerce to something called D1 or 1D or something.
-rob
Thank you for the correction Denton.
Snark:
Clearly, I was referring to the ones on M1 zoned land, like the one at the corner of Union Street and Fourth Avenue.
Does anyone remember the gas station that used to be where the Commerce Bank now stands?
“The gas stations will never be replaced with housing.”
What about this site that used to be a gas station?
– http://bstoner.wpengine.com/brownstoner/archives/2008/11/development_wat_307.php
“Choice Construction began work on this 95,000sf, poured-in-place concrete superstructure project early in 2008. Once built, it will serve as a mixed use facility, containing both retail shopping and residential condominiums.”.