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Crown Heights has shed its past association with riots and now stands for the real estate boom, according to a story in am New York. The story described soaring prices for homes and other trends familiar to readers of this blog, such as new apartment buildings being built from the ground up and landlords buying and selling existing apartment buildings in remarkable numbers:

Meanwhile development has surged. Crown Heights had more apartment-building transactions between October 2013 and March 2014 than any other neighborhood in the city, according to Ariel Property Advisors. The average condo price rose to $748 per square foot from $521 between 2012 and 2014, and land prices soared to $178 per buildable square foot from $94.

But development has brought displacement, the story said. Do you agree with MTOPP President Alicia Boyd’s estimate that 30 percent of longtime residents have left in the last two years?

Crown Heights Real Estate Continues to Boom [amNY]


What's Your Take? Leave a Comment

  1. I try to stay off other people’s blogs. Not good for my hyper-tension. But this conversation reminds me of something that I’ve come to understand from my catbird seat down on Clarkson, sitting on the community board, attending tons of meetings, listening to my neighbors, restarting the block association. Stuff I never thought in a million years I’d ever do. But I’ve come to love Lefferts, all of District 9, hell the whole borough. How can you not? It’s brilliant, even when its breathtakingly cruel.

    Roll with me for just one minute. I used to argue with people about abortion rights. Got me nowhere. Until I made up my mind that there were perfectly logical arguments on both sides. But it’s not a logical subject. It’s deeply philosophical, political, human, feminist, religious, maybe even spiritual if you’re prone to that sort of thing.

    Same with gentrification, in my view. It hits hard because it evokes images that we try desperately hard to wish away. The whole last few years have been an awakening for me on race. Yeah, I’m white, but I’m human too. This moment in time is hard because we are witnessing a great story in American blackness disappear before our eyes. You can make logical arguments about why it’s happening, but you can’t WIN your argument, because the whole situation is part of a legacy of racism which is much bigger than the back and forth about land prices. The whole gig has been rigged for so long that OF COURSE the whites are going to get the last dance on the card. Individual homes can change hands; land ownership is sacrosanct in our culture. Everybody gets to make a buck with what they own. That’s the system. But when black families have roughly 1/10 of the net worth of white families, who’s going to win?

    It’s kind of like the Harlem Globetrotters vs. Washington Generals. Every once in awhile, against all odds, the Generals win. But the underlying assets of the Globetrotters assure that they will always come out on top. And they do everything they can to STAY on top. Who wants to give up their “edge?”

    Until we have economic parity in this country, situations like Crown Heights and Bed-Stuy will continue to feel like colonialism. If you don’t FEEL it that way, then you have never been connected to the neighborhood the way some have. And no logical argument is going to change the deep sadness felt by MM and thousands of others, as one of the few truly free, economically diverse black neighborhoods in the Western World becomes wealthier and whiter. Just admit you don’t get it, and stop trying to win. In a certain sense, you already have.

  2. As the flow information and capital continue to accelerate, so to will gentrification or lack thereof across a number of geographies way beyond Brooklyn. Watch how quickly cities change and grow over the next 10-20 years and Brooklyn today will seem like its at a standstill relatively speaking. You can already see it in a number of places internationally.

  3. “Crown Heights has shed its past association with riots and now stands for the real estate boom”
    .
    You’re not Trolling hard enough….
    .
    The What
    Someday this war is gonna end…

  4. I think that when people say “we all want neighborhoods to improve” it is a blanket statement that can be interpreted many ways. One would the reading where the neighborhood is only infrastructure: housing stock, including the building that houses the local elementary school. You can even empathize with the housing stock’s feelings: “all those beautiful houses designed by recognized architects and worthy of landmarking, how they must have felt, neglected for 30 years, inhabited by people who didn’t know any better than covering them in vinyl siding, and painting over transoms and pier mirrors”. According to that view Park Slope would be a resounding success: the housing stock restored, the commercial thoroughfare full of boutiques, the public school a flagship of quality. But that school used to be 70% minority and now it isn’t even 7%. So yeah, things improve for the neighborhood only as a blank slate, an empty space, kind of the way they improved for Native Americans when the Pilgrims arrived.

  5. everyone knows that shitty real estate tactics and foreign investors are in huge part responsible for the unnaturally skyrocketing prices. don’t be naive and believe that it’s all purely invisible-hand free market nonsense. those priced out of clinton hill and ft greene have every right to buy houses in crown heights–but i think you’ll find that’s usually not the case, and, more often than not, they can’t even afford to buy in crown heights anymore.

    i think anyone who frequents this blog is in favor of neighborhoods changing for the better. it’s just that the transformation seems to be happening unnaturally fast and we all know wages are not increasing at a pace that comes anywhere near it. THAT’s the real problem.