Bed-Stuy, a Harbor in the Tempest?
Just as it did a month ago, The New York Times took a stab at classifying Bedford-Stuyvesant, this time as an exception to the ubiquitous economic tumult. Even though real estate prices are dropping faster in Bed-Stuy than in Park Slope, the article argues, the area is ripe for entrepreneurship: commercial rents are lower, attracting…
Just as it did a month ago, The New York Times took a stab at classifying Bedford-Stuyvesant, this time as an exception to the ubiquitous economic tumult. Even though real estate prices are dropping faster in Bed-Stuy than in Park Slope, the article argues, the area is ripe for entrepreneurship: commercial rents are lower, attracting new shops such as Therapy Wine Bar or Creative Blossoms. Some of these new businesses are struggling themselves, but the Times points to some optimistic statistics: a 2008 study showing that locals spend $30 million at bars and restaurants outside of the neighborhood (i.e., there is a demand for local venues) and an NYU professor who claims that since residents of Bed-Stuy aren’t as dependent on unstable Wall Street salaries and bonuses as, say, residents of Brooklyn Heights, their spending habits are also more stable. The article does plenty of comparison: Bed-Stuy to Fort Greene, Bed-Stuy to the Upper East Side, Bed-Stuy to Brooklyn Heights. What did you think of it?
Amid a Citywide Slump, a Local Expansion [NY Times]
History, with Hipper Retailing in Bed-Stuy [NY Times]
Photo by Clay Williams
my friends in BedStuy talk about the lack of lots of stuff from stores to restaurants, etc… think the pent up demand is big. even tho DIBS wont come to Wburg, one family I know spends 100% of free time there – parks, playgrounds, shopping, restaurants, etc.. and another sends 2 kids to schools in Wburg. in both cases, they simply wanted lower housing costs but really live their lives completely in the area. my other good friend goes out more in Fort Greene or Manhattan. if she could afford it, would move family to Fort Greene, but she’s priced out.
bxgrl, let me know of some good comm’l spots or bldgs if you see any in our lovely CH North hood. As I’ve said in the past, would love to open a bakery, eatery, etc. in the hood
Kens, not if this positive press keeps coming off the presses. kidding aside, BedStuy real estates is not that much less (from $$$ perspective vs. % wise) than many hoods in the brownstone belt – BK Heights being the exception. Houses, in general, enjoy relatively low taxes
I love all the new businesses opening up- love the restaurants and other shops. Wish more of it were happening here in Crown Heights.
Also, with the rise in NYC real estate taxes, BedStuy will be more favorable for buyers since the real estate taxes are not as high as other “prime” areas considered by the city.
DIBS, all this positive press is not helping my hunt to buy a premo house near you for dirt cheap.
rob, I suspect you’ve never been in a Bed Stuy liquor store.
the word “amenities” irks me. it’s totally code for something, and that sorta bothers me.
*rob*
Yeah Rob, why would Bed Stuy folks not want wine?
I thought that this article, while well intentioned, definitely contradicted itself in that it positioned Bed Stuy as an exception to the downturn rule while at the same time presenting factual information that actually showed the downturn being harder on Bed Stuy than other areas. but perhaps they are right that ultimately the combination of need/lack of amenities and low rents will cause a retail boom in the neighborhood.