Prices are up, crime is down, and business is booming in Crown Heights, according to an article in The New York Post. “Crown Heights’ reputation has greatly improved in the past two years, but it always boasted great housing stock,” said the Post.
The paper recounts the story of an artist, whom it calls a “pioneer,” who bought a brownstone in the neighborhood 12 years ago as a studio and investment property while living in Park Slope. Eleven years later, he and his family bought another townhouse and moved. They paid $400,000 for the first house, $840,000 for the second, and now “recently comparable brownstones have sold in the $1,200,000 to $1,600,000 million range,” said the story. As the years went by “there was a lot less crime, walking down the street was more comfortable. There were more shops opening. It just felt better,” he said.
Investors and developers are also doing more in the area, and land prices are up. More than 15 condo developments are currently in the works, with a seven-unit building at 875 St. Marks Avenue slated to open in the next two months with prices starting at $449,000 for a one-bedroom.
The story also notes that Brownstoner’s 1000 Dean Street office space will open this month, and Brooklyn Flea’s Berg’n beer hall and restaurant will open in May.
But, with brownstones in Fort Greene and elsewhere going for $3,000,000 and up, the neighborhood is still relatively affordable. “If you want a really classic Brooklyn brownstone, it’s one of the last affordable neighborhoods where you can get it,” the story quoted Douglas Elliman broker Alex Maroni as saying.