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April 10, 2008

Hello Living, Hello Gentrification?

An article in the Sun this morning takes a look at Hello Living, Eli Karp's eight building, 106-unit condo development on the Prospect Heights-Crown Heights border and focuses on whether the project will spur gentrification in the surrounding area. Unsurprisingly, Karp and the real estate brokers interviewed for the piece definitely think it's a marked change for the better. "I had to create my own neighborhood," says Karp, who also opines that "everything is going to double within the next few years" in terms of the value of his product. Brendan Aguayo, a broker for the project, which is mostly clustered off Washington on Pacific and Dean, says buying there is tantamount to "investing in the ground floor of a neighborhood." Units in two of Hello Living's eight buildings have been on the market for almost a year, and 20 of the 25 condos have been sold for prices ranging between around $350,000 and $550,000; prices on four of the remaining units, which cost between $700,000 and $1.3 million, were reduced. In other words, the higher-priced units are taking longer to sell. Do you believe the broker and developer hype on this one? Obviously, the fate (or non-fate) of Atlantic Yards, which is right next door, will have a lot to do with shaping this area, and it's tough to guess how big an effect eight mid-rise condos will have on the neighborhood's fabric.
Developer Pushes New Vision for Prospect Heights [NY Sun]
Development Watch: Hello Living Complex Continues to Rise [Brownstoner]
Development Watch: Pacific Blue Spreads to Dean Street [Brownstoner]
Photo by threecee.

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WOW...

"Karp, who also opines that "everything is going to double within the next few years" in terms of the value of his product."

In my business you'd bee in deep shit with the SEC for a statement like that. But real estate is different. Even in Crown Heights it always goes up!!!!?????

Posted by: daveinbedstuy at April 10, 2008 9:28 AM

I live on the PH/CH border a few blocks from here. Love the nabe—it's a great area—but Washington Ave kinda sux...there's a new Thai place on the corner of St. Mark's and Washington but a large number of the storefronts are empty. It'd be great not to have to go to Vanderbilt and beyond for daily, weekly amenities...East of Washington Ave you also have those condos on Sterling.

Posted by: Fjorder at April 10, 2008 9:29 AM

I like the development as I think they've tried something different and thank god, it's not a fedders building. but what subway are these near?

Posted by: guest at April 10, 2008 9:37 AM

I like the development as I think they've tried something different and thank god, it's not a fedders building. but what subway are these near?

Posted by: guest at April 10, 2008 9:37 AM

I like the development as I think they've tried something different and thank god, it's not a fedders building. but what subway are these near?

Posted by: guest at April 10, 2008 9:37 AM

I though this area was already gentrify!

Posted by: guest at April 10, 2008 9:47 AM

the 2,3 is at Eastern Parkway..less than 10 min walk. the c is much closer, at Clinton and Washington. and the b,q is a little farther, at park place and carlton ave.

Posted by: Fjorder at April 10, 2008 9:47 AM

the 2,3 is at Eastern Parkway/Washington..less than 10 min walk. The C is much closer, at Clinton and Washington. and the B,Q is a little farther, at Park Place and Carlton ave.

Posted by: Fjorder at April 10, 2008 9:48 AM

Brooklyn's fate depends on Manhattan's. If prices go down across the river, then prices will go down in prime neighborhoods in Brooklyn. And if they do, projects like this in neighborhoods like this will suffer.

If prices keep going up everywhere, then there will be no stop to the gentrification and any development or neighborhood that has a decent subway commute into the city will be fine.

Posted by: guest at April 10, 2008 10:00 AM

Karp is what you call a Game Changer. 100% appreciation in this market? Tough to beat those numbers.

Posted by: guest at April 10, 2008 10:04 AM

"investing in the ground floor of a neighborhood."

i don't call paying 500-600 psf investing in the ground floor.

if it was 400psf, i'd say maybe.

but love the sydney - poured concrete floors..

Posted by: ltjbukem73 at April 10, 2008 10:22 AM

"I had to create my own neighborhood," - and there were no people in North America until Europeans arrived, either. Ah, the arrogance!

I will grant that that stretch is well suited for development, and it does seems as if you drop a potted plant in that area, someone will start building something on the soil, there's construction everywhere. Some of it isn't bad, either. I hope businesses also arrive, especially necessities like supermarkets, green grocers, etc.

All said, I hope the new neighborhood that emerges doesn't forget about the neighbors, there are still a lot of people and homes, which were there before, and will be there after the last carpenter leaves. They want the same things as any new condo owner - quiet enjoyment of their spaces, more services, etc.

Posted by: Montrose Morris at April 10, 2008 10:41 AM

yes, what's up with all the empty storefronts on washington? is the new development pushing rents too high for business the neighborhood currently could sustain?

Posted by: i disagree at April 10, 2008 11:11 AM

I hear that up the street at Tom's, you can now get "gentri-fries" with your sandwich.

Posted by: guest at April 10, 2008 11:16 AM

Gentrification is very much in the eye of the beholder. I like the area the way it is. Like Montrose says, those of us already here will remain even after newcomers arrive and subsequently seek to "define" the area.

Posted by: guest at April 10, 2008 12:52 PM

You won't be there if you're a renter and you're eventually priced out. Maybe you could rent a unit from Montrose Morris, who is famous for practicing what he/she preaches about affordable housing.

Posted by: guest at April 10, 2008 1:23 PM

"You won't be there if you're a renter and you're eventually priced out. Maybe you could rent a unit from Montrose Morris, who is famous for practicing what he/she preaches about affordable housing."

My beautiful bride and I own a two-story brick brownstone in the Crown Heights landmark district which we purchased in 2000. We had rented out the top floor 1.5 bedroom apartment, but we've done quite well since then and now keep the whole house to ourselves. I am a neighbor (apparently) of Montrose, whom I happen to think is easily the most knowledgeable and eloquent frequent Brownstoner poster. Like me, Montrose knows Crown Heights is the place to be. My wife and I plan on being here for the forseeable future.

Posted by: guest at April 10, 2008 1:45 PM

"You won't be there if you're a renter and you're eventually priced out. Maybe you could rent a unit from Montrose Morris, who is famous for practicing what he/she preaches about affordable housing."

Posted by: guest at April 10, 2008 1:46 PM

"Do you believe the broker and developer hype on this one?"

Never trust a salesperson. The most powerful tool in business is deception.

Posted by: guest at April 10, 2008 2:03 PM

If you are going to build new construction in an older building area this seems like a good way to do it.

New construction usually plays out in one or two ways. It's either a giant tower glaring down on its neighbors or a smaller building that looks trapped in its new neighborhood. The idea of building 5-6 new buildings spread out between the existing 10-15 buildings on one block of a street sounds like a great way to revitalize a neighborhood.

We'll see how it plays out.

Posted by: guest at April 10, 2008 2:40 PM

Don't believe the hype

Posted by: guest at April 10, 2008 11:33 PM

Don't believe the hype

Posted by: guest at April 10, 2008 11:33 PM

My 98's boomin' with a trunk of funk

All the jealous punks can't stop the dunk

Don't believe the hype!

Posted by: guest at April 11, 2008 10:23 AM

« Thursday Links Parks Dept. Reveals Plans for Bushwick Inlet Park »

April 10, 2008

Hello Living, Hello Gentrification?

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