The two-family in East New York priced at $599,999 that was yesterday’s HOTD, above, also inspired The New York Daily News to take a look at East New York and whether it could be Brooklyn’s next “home buying frontier,” as the Brooklyn section teaser headline put it. “Spacious, affordable” properties there such as the one at 504 Georgia Avenue could lure buyers priced out of rapidly appreciating neighborhoods such as Crown Heights, Bed Stuy and Bushwick. “However, crime in the area remains a concern,” the story continued.
Listing agent Louis Belisario of Fillmore told the Daily News the area is good for investors because of its relative affordability and skyrocketing rents. “Rates are very low and rents here are going through the roof. It’s a great house because if you bought it, your rental income would cover most of your mortgage,” he said.
As other reports have shown, the area has seen an influx of renters priced out from other areas of Brooklyn. Violent crime in the area decreased last year, but “robbery, grand larceny and general assault” were all up.
Councilwoman Inez Barron (married to former Councilman Charles Barron) said keeping East New York affordable for current residents is a priority. She also noted the waves of newcomers moving in and said the area “has the greatest retention and growth of people moving into the community. We’re getting a grip on crime. Crime is going down.”
Commenters have previously said the area’s large number of public housing projects makes it an unlikely candidate for gentrification. What’s your opinion?
East New York: The Next Home Buying Frontier? [NY Daily News]