A story in The New York Times over the weekend described the rapid gentrification and changes happening in Crown Heights, as longtime residents and businesses move out and are replaced by newcomers. Many businesses have moved to Flatbush, and residents typically move to Flatbush, East New York and Brownsville, according to the story.
Developers such as Realty Within Reach, Hello Living and Brookland Capital, of course, discovered the neighborhood a few years ago, and “more than 1,250 units in about two dozen residential projects” are in the works, mostly west of Nostrand and north of Eastern Parkway, according to the story. While very few are “affordable,” Brookland Capital’s Boaz Gilad explains the appeal of a condo:
“Most of our buyers are people in their late 20s and early 30s who live in the neighborhood already, paying, say, $2,400 a month in a free-market building,” he told the Times. “With an F.H.A. loan or some help from parents or money they’ve saved, the cost of buying the apartment will be maybe $2,600 or $2,700 a month. So there will be no change in monthly costs, but they’re going to own an asset.”
Families priced out of Park Slope, Prospect Heights and Carroll Gardens are looking for condos and townhouses in the $1,200,000 to $1,500,000 range, he said.
Coming on the market in the next few weeks are rentals at 341 Eastern Parkway, with studios starting at $2,200. Marketing at Brookland Capital’s condo building at 954 Bergen Street will start in September.
Condo and land prices have about doubled in two years, from $100 or $100 a buildable square foot to $220 or $240, said the story. Rents have not quite doubled but a one-bedroom has gone from about $1,500 in 2008 to $1,800 to $2,600 a month.
An initial wave of “young, single students and professionals” is now giving way to “a second, more affluent, wave of professionals and families.” One renter in a rent stabilized apartment who grew up in the neighborhood said she appreciates lower crime rates and more policing but misses her friends, all of whom have left. What do you think of the changes?
Crown Heights, Brooklyn, Gets Its Turn [NY Times]