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
true, i get that.. but they sell wine at liquor stores too. stand alone wine shops are just totally snooty and high pollutant and totally destroy neighborhoods. i dont know what is worse, wine shops or organic fauxdegas.
*rob*
One does not live by beer alone, rob.
ugh wine shops. tell me again why bed stuy needs that crap?
*rob*
HomeSweetStuy…I hear you. And that “flight to other nabes” like Ft greene to spend money is just what they were talking about. I do it myself, Ft Greene & BoCoCa.
The story is not about Wall Street. it is about retail offerings in a neighborhood that largely has had none, especially nice sit down places.
I would also mention Olivino, a great wine shop on MArcus garvey & Macon.
I did think it was a nice article too– That said, Bed Stuy is a large neighbrhood and is made up of more than just Stuy Heights (and I don’t know if I would classify Stuy Heights as the “heart” of bed stuy-althugh it is truly a jewel). I live in Bed Stuy and Fort Greene is closer and more accessible to me for recreation than Stuy Heights.
Anyway, Wall Street has started to rehire. The M&A activity is up markedly. Lots of talk throughout Bed Stuy about the M&A arbitrage market. It’s the main conversation at Therapy & Saraghina. LOL
What a dumbass this professor is! There is no area within 60 miles of Manhattan that is not dependent on wall street. Somebody get this guy a book
I can imagine it. I live there and although my tenant works for a big IB, I haven’t met anyone else there who does.
I also believe that when they talk about Wall Street, they are referring to the big bonus guys and they do not live in Bed Stuy. A lot more architects seem to though.
I thought the piece was thoroughly clueless. What the elites don’t know about Brooklyn in general and Bed Stuy in specific could fill books. A pretty ridiculous and patronizing look at folks who “don’t rely on Wall Street bonuses” – my goodness! can you even imagine such a neighborhood!