On Warren Street, High Prices Despite the Projects

The Times has an article about Warren Street between Nevins and Bond, a block that has the Gowanus Houses on one end of it and Wyckoff Gardens on the other, and finds that proximity to the projects doesn’t kill its real estate values. This despite an anonymous comment on Brownstoner regarding the condo at 433 Warren (“Worst possible location”)! Price fluctuations at 433 Warren, which reached a low of $305 a foot in ’09 but were up to $639 a foot last year, are offered as evidence of high prices on the block. A broker who has a $2.5 million listing for the four-family at 486 Warren, meanwhile, has this to say: “When the market is down, the projects are a factor. When it is up, the projects aren’t a factor.” That opinion is backed up by data from the Furman Center showing “federally subsidized housing in New York did not typically depress values within a roughly four-block radius.” Longtime residents of the block say that the nearby public housing isn’t as big a problem as drug dealing.
Brownstone Brooklyn Between 2 Projects [NY Times]