Atlantic Yards No Selling Point for Nearby Sites?
A building smack at the crossroads of Park Slope and the planned Nets arena is on the market for $13 million. The property, on Flatbush between Fifth Avenue and Pacific Street, is across the street from the recently vanquished
A building smack at the crossroads of Park Slope and the planned Nets arena is on the market for $13 million. The property, on Flatbush between Fifth Avenue and Pacific Street, is across the street from the recently vanquished JRG Fashion Cafe and currently houses a furniture store as well as a few other retail spaces. Right now a developer can build up to 40,000 square feet on the footprint but, per the sales listing, there is excellent potential for partial block up-zoning to create a residential midrise or high-rise. Interestingly, the listing only includes a passing mention of the fact that the site is right across the street from the proposed Forest City Ratner Project spanning a large area around and over the Rail Yards. Perhaps brokers are shying away from using AY’s ginormous mish-mash of out-of-scale towers, constant construction and blaring traffic as selling points?
Flatbush Avenue Listing [Corcoran] GMAP
AY opponents have, in fact, stated on many occasions that AY will cause instant gentrification while at the same time claiming that it will cause property values to plummet. It’s one of their core contradictions.
My guess is that values will drop somewhat during construction, and then drop significantly over the 5-10 year period following construction.
I assume if you live in Prospect Heights or Fort Greene, a few blocks from a massive construction site, sounds of jackhammers and dust everywhere are not going to be good for property values or quality of life. Post-construction, who knows?
11:19 – I don’t think anybody outside of the coterie of Ratner toadies has ever argued that AY would raise property values.
Before you call other people ignorant, please learn to spell “argument”.
By the way, if any of these Anti-Ay people were in attendace at any of the meetings on the project, the primary arguement was that AY would BOOST re values.
That was one of their biggest concerns, actually.
So you are the ultimate hypocrite now saying the opposite. Makes you sound really ignorant as well.
Could we have one non-guest commenter who is selling because of AY please post and tell us about your decision? lol didn’t think so…ah the sky is falling.
I don’t know if AY will cause property values to fall (actually, I doubt it), but the group of people who think it will is creating a boom for me, as a RE broker. They want to sell their brownstones before AY is built and it’s definitely helping my business.
AY will create a drop in property values in Brooklyn that will make the rest of the country feel good about any mere market correction that takes place.