Value of Atlantic Yards Development?

To those who are calling for this topic to be shut down: I asked a serious question because I am seriously considering making a purchase in the area. There is propaganda on all sides of the issue, so I thought I'd ask about one specific variable: long-term property values. If brooklyn property values are not a valid topic for brownstoner.com I'll stop visiting and leave you to your rapt discussions of crown moldings and parquet flooring. Sheesh.

Posted by: BrooklynBuyer at December 15, 2007 2:59 PM in response to Value of Atlantic Yards Development?

Brooklyn Buyer, good and please stay away.

Posted by: guest at December 15, 2007 8:14 PM in response to Value of Atlantic Yards Development?

This is an extremely valid topic for this site.

Simply put, when inventory rises, real estate value, in the absence of sustained population and income growth, will decline. Consider the arena's noise and pollution to be collateral damage. No matter what you may think, living next to an arena is not a good thing. I can't think of a single affluent neighborhood with an arena in the middle of it. Cite the Jets stadium on the West Side. UWS residents (including myself)were vehemently opposed. Do you think it was because we didn't want to see our property value rise? Of course not, and this was a football stadium. Only 8 big games per year...on Sundays. You guys are facing a BBall arena. Far more painful in terms fo number of games. Please don't cite MSG because nobody considers that area nice. Not to mention, Manhattan real estate is an anomoly. Also, even if there's to be "public" space, the strain on the infrastructure (roads, transport, schools etc.) would be a deterent for most prospective buyers. The new construction in Manhattan will serve as a viable substitute as well. So net, real estate value will certainly drop.

Posted by: guest at December 28, 2007 10:51 AM in response to Value of Atlantic Yards Development?